Western Texas Intermediate registers minimal losses at the beginning of the Asian session. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Western Texas Intermediate registers minimal losses at the beginning of the Asian session.
• Weakness in the US Dollar, and an upbeat sentiment, caused WTI’s jump.
• Two major central banks hosting monetary policy decisions could turn sentiment sour and drag oil prices down.

The pair currently trades last at 67.8.

The previous day high was 69.83 while the previous day low was 65.44. The daily 38.2% Fib levels comes at 67.12, expected to provide support. Similarly, the daily 61.8% fib level is at 68.15, expected to provide resistance.

Western Texas Intermediate (WTI), the US crude oil benchmark, advanced 2.31% on Monday, bolstered by a soft US Dollar (USD) and market sentiment improvement. As Tuesday’s Asian session begins, WTI exchanges hands at $67.68 PB.

Wall Street’s finished the session with gains spurred by risk appetite. Oil price was underpinned by an offered US Dollar, as shown by the US Dollar Index, down 0.54%, at 103.305. Nevertheless, the sentiment would remain fragile ahead of the US Federal Reserve (Fed) monetary policy meeting and the Bank of England’s (BoE) interest rates decision. Any hawkish tilt by central banks could derail traders’ mood and sour sentiment.

In the meantime, the G7 commented that it’s not expected an adjustment to Russia’s oil barrel level at $60.00 this week, as reported by Reuters.

The G7 had planned to reconsider the price limit implemented in December. Still, the officials mentioned that the European Commission informed EU ambassadors over the weekend that there is currently no interest among the G7 to conduct a prompt reassessment. This was supposed to take place in mid-March.

OPEC, Russia, and other producer allies (OPEC+) will hold a ministerial committee meeting on April 3. As per the agreement made in October, the group had decided to reduce their oil production targets by 2 million barrels per day until the end of 2023.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 67.8 at the time of writing. Pair opened at 66.57 and is trading with a change of 1.85 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 75.24, 50 SMA 77.24, 100 SMA @ 78.59 and 200 SMA @ 85.58.

The previous day high was 69.83 while the previous day low was 65.44. The daily 38.2% Fib levels comes at 67.12, expected to provide support. Similarly, the daily 61.8% fib level is at 68.15, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 64.73, 62.89, 60.34
• Pivot resistance is noted at 69.12, 71.67, 73.5

[/s2If]
Join Our Telegram Group