Crude Oil sees rough action on Thursday as geopolitics weigh on price. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]
- Crude Oil sees rough action on Thursday as geopolitics weigh on price.
- Odds are increasing of a negotiated ceasefire in Gaza.
- EIA, API Crude OIl barrel counts mix, show net drawdown.
The pair currently trades last at 74.12.
The previous day high was 78.0 while the previous day low was 75.47. The daily 38.2% Fib levels comes at 76.44, expected to provide resistance. Similarly, the daily 61.8% fib level is at 77.03, expected to provide resistance.
West Texas Intermediate (WTI) US Crude Oil fell back to around $74.00 per barrel on Thursday after an early spike into $79.00 as markets look for signs that global Crude Oil supply may begin to crack under rising global barrel demand. Progress on a ceasefire negotiation between Israel and Hamas being brokered in Qatar has energy prices leaning into the softer side as markets head into the Friday market session.
Crude Oil markets shrugged off a hawkish Federal Reserve on Wednesday that knocked back hopes of early rate cuts, and Crude Oil pinned into the top end after the Organization of the Petroleum Exporting Countries (OPEC) announced Thursday there would be no changes to their announced production cap reduction of 2.2 million barrels per day in 2024. OPEC is attempting to backstop rising global Crude Oil production predominately powered by record-setting production levels from the US, and energy markets rallied on the headlines that OPEC would try to exacerbate potential supply imbalances in the future by intentionally undercutting global demand for Crude Oil.
Despite OPEC’s firm dedication to Crude Oil production cuts, key member states are beginning to feel the bite of letting pumping stacks grow cold. Saudi Arabia saw its economy decline 0.9% YoY with fourth-quarter Gross Domestic Product (GDP) declining 3.7% compared to the same time last year as declining Crude Oil activity strips out growth from underneath Saudi Arabia’s feet. Crude Oil activity accounts for nearly 42% of Saudi Arabia’s GDP.
Negotiations of a ceasefire, at least temporarily, are rumored to be nearing finalization as representatives from Israel and Hamas meet with adjudicating nations in Qatar, driving Crude Oil bids lower as the Middle East is set to see at least a short-lived reprieve from ongoing geopolitical tensions.
WTI Crude Oil saw a sharp decline drag US barrel bids below the 200-hour Simple Moving Average (SMA) near $76.00, and WTI is testing the $74.00 per barrel neighborhood at its lowest bids in a week.
US Crude Oil has declined nearly 7% from a near-term peak at $79.19, and downside momentum has WTI firming up a downside rejection from the 200-day SMA just shy of the $78.00 handle.
Technical Levels: Supports and Resistances
XTIUSD currently trading at 74.12 at the time of writing. Pair opened at 75.71 and is trading with a change of -2.1 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 74.12 |
| 1 | Today Daily Change | -1.59 |
| 2 | Today Daily Change % | -2.10 |
| 3 | Today daily open | 75.71 |
The pair is trading above its 20 Daily moving average @ 74.06, above its 50 Daily moving average @ 73.47 , below its 100 Daily moving average @ 78.68 and below its 200 Daily moving average @ 77.26
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 74.06 |
| 1 | Daily SMA50 | 73.47 |
| 2 | Daily SMA100 | 78.68 |
| 3 | Daily SMA200 | 77.26 |
The previous day high was 78.0 while the previous day low was 75.47. The daily 38.2% Fib levels comes at 76.44, expected to provide resistance. Similarly, the daily 61.8% fib level is at 77.03, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 74.79, 73.87, 72.27
- Pivot resistance is noted at 77.31, 78.91, 79.83
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 78.00 |
| Previous Daily Low | 75.47 |
| Previous Weekly High | 78.20 |
| Previous Weekly Low | 72.55 |
| Previous Monthly High | 79.19 |
| Previous Monthly Low | 69.41 |
| Daily Fibonacci 38.2% | 76.44 |
| Daily Fibonacci 61.8% | 77.03 |
| Daily Pivot Point S1 | 74.79 |
| Daily Pivot Point S2 | 73.87 |
| Daily Pivot Point S3 | 72.27 |
| Daily Pivot Point R1 | 77.31 |
| Daily Pivot Point R2 | 78.91 |
| Daily Pivot Point R3 | 79.83 |
[/s2If]
Nehcap Trading Strategies
The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.
The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group
