OILUSD: UT Curve Analysis(Based on the 1D Chart)
🛢 CFD: WTI CRUDE OIL 🛢
RESISTANCE @ 85.21
TP4 @ 84.39
TP3 @ 81.44
TP2 @ 79.52
TP1 @ 76.76
SUPPORT @ 74.51
BSO @ 73.94 ⏳
BLO @ 72.22 ⏳
FUNDEMENTAL ANALYSIS
Crude oil prices have slightly recovered from a drop caused by pressure from the Federal Reserve, but they are still stuck in a narrow range. When the Organization of Petroleum Exporting Countries (OPEC) and its partners got together on June 2, 2024, they seem to be in favor of price increases as long as voluntary production cuts last longer.
Energy demand is still tied to what people think will happen with monetary policy, especially in the US. Last week, US oil stocks rose by 1.8 million barrels, according to figures from the Energy Information Association. This made the market less confident that supply would meet demand. Since the middle of December, the market has been stuck in a narrow band. The next level of support is at $85.21. The price range right now is $74.51 to $71.41.
This is an Intermediate Time Frame trade (4 hours to 6 day):
— Offers a clearer picture of the underlying trend compared to short-term frames.
— Provides more opportunities for confirmation signals and technical analysis.
— Allows for more flexible trading schedules, trades can be held overnight.
— Suitable for swing traders and some positional traders.
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⏳ = PENDING ORDERS
BLO = BUY LIMIT ORDER
BSO = SELL STOP ORDER
CFD = CONTRACT FOR DIFFERENCE
UT = UPTREND
TP = TAKE PROFIT