Daily March WTI Crude Oil Technical Analysis
The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through $82.66 will reaffirm the uptrend. A move through $72.74 will change the main trend to down.
The minor trend is down. This is controlling the momentum. A trade through $79.73 will change the minor trend to up.
The short-term range is $70.56 to $82.66. The market is currently testing its retracement zone at $76.61 to $75.18. This area stopped the selling at $76.05 on Wednesday.
On the upside, the nearest resistance is a pivot at $77.70, followed by a major retracement zone at $80.23 to $82.51.
please see big picture as bleow:
The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through $82.66 will reaffirm the uptrend. A move through $72.74 will change the main trend to down.
The minor trend is down. This is controlling the momentum. A trade through $79.73 will change the minor trend to up.
The short-term range is $70.56 to $82.66. The market is currently testing its retracement zone at $76.61 to $75.18. This area stopped the selling at $76.05 on Wednesday.
On the upside, the nearest resistance is a pivot at $77.70, followed by a major retracement zone at $80.23 to $82.51.
please see big picture as bleow:
Comment:
this scenario introduced earlier seems vague as price go below 76$ and seems to go further down.keep an eye on the scenario as well
Comment:
Traders will be keenly watching the U.S. Dollar, the impact of the new sanctions against Russia and the prospects of future demand from China for direction this week.
The new variable this week is the U.S. Dollar. Up until Friday’s robust U.S. jobs report, crude oil traders were betting on a weaker greenback to drive up demand for dollar-denominated crude oil.
Now that additional rate hikes from the Fed into at least June are back on the table, traders are again worried about a stronger U.S. Dollar weighing on foreign demand for crude oil.
The new variable this week is the U.S. Dollar. Up until Friday’s robust U.S. jobs report, crude oil traders were betting on a weaker greenback to drive up demand for dollar-denominated crude oil.
Now that additional rate hikes from the Fed into at least June are back on the table, traders are again worried about a stronger U.S. Dollar weighing on foreign demand for crude oil.
Comment:
Demand in China, the world’s largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in global oil and gas markets in 2023 as investors bet on the speed of its recovery after Beijing lifted COVID restrictions in December.
Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid an expectation of oil demand recovery, especially in China.
A massive earthquake that stuck Turkey and Syria on Monday halted operations at Turkey’s major oil hub in Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan
The current bullish events affect both supply and demand, helping to create a nearly perfect situation for a near-term rally. Furthermore, these are the types of events that hedge funds and speculators like to take advantage of, which could create volatile upside price action.
Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid an expectation of oil demand recovery, especially in China.
A massive earthquake that stuck Turkey and Syria on Monday halted operations at Turkey’s major oil hub in Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan
The current bullish events affect both supply and demand, helping to create a nearly perfect situation for a near-term rally. Furthermore, these are the types of events that hedge funds and speculators like to take advantage of, which could create volatile upside price action.