WTI remains confined in a range and is influenced by a combination of factors. (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)]
- WTI remains confined in a range and is influenced by a combination of factors.
- Talks of Israel–Hamas ceasefire and a bullish USD cap the upside for Oil prices.
- Uncertainty over the fallout from the Red Sea crisis to help limit deeper losses.
The pair currently trades last at 73.0.
The previous day high was 73.29 while the previous day low was 71.46. The daily 38.2% Fib levels comes at 72.59, expected to provide support. Similarly, the daily 61.8% fib level is at 72.16, expected to provide support.
West Texas Intermediate (WTI) US Crude Oil prices struggle to gain any meaningful traction on Tuesday and oscillate in a narrow range through the mid-European session. The commodity currently trades around the $73.00/barrel mark and remains well within the striking distance of a nearly three-week low touched on Monday.
A Middle East trip by top US Diplomat Antony Blinken raised hopes for a de-escalation of the crisis in the major Oil producing region, which, in turn, is seen as a key factor acting as a headwind for the black liquid. Apart from this, concerns about a weaker demand outlook, amid persistent worries about slowing economic growth in China, further contribute to cap gains for Crude Oil prices.
Meanwhile, the incoming US macro data continues to point to a still resilient economy, which gives the Federal Reserve (Fed) more headroom to keep interest rates higher for longer. The hawkish outlook assists the US Dollar (USD) to stand tall near its highest level since November 14 and turns out to be another factor holding back traders from placing bullish bets around the commodity.
The US, however, continues its campaign against Iran-backed Houthis in Yemen, which has been fueling supply concerns and lending support to Oil prices. Market participants now look forward to data published by the American Petroleum Institute (API) on US crude stockpiles for some impetus. In the meantime, Ukrainian drone attacks on the largest oil refinery in Russia could act as a tailwind.
Technical Levels: Supports and Resistances
XTIUSD currently trading at 73.0 at the time of writing. Pair opened at 72.89 and is trading with a change of 0.15 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 73.00 |
| 1 | Today Daily Change | 0.11 |
| 2 | Today Daily Change % | 0.15 |
| 3 | Today daily open | 72.89 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 74.13, 50 SMA 73.31, 100 SMA @ 78.16 and 200 SMA @ 77.22.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 74.13 |
| 1 | Daily SMA50 | 73.31 |
| 2 | Daily SMA100 | 78.16 |
| 3 | Daily SMA200 | 77.22 |
The previous day high was 73.29 while the previous day low was 71.46. The daily 38.2% Fib levels comes at 72.59, expected to provide support. Similarly, the daily 61.8% fib level is at 72.16, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 71.81, 70.72, 69.98
- Pivot resistance is noted at 73.64, 74.38, 75.47
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 73.29 |
| Previous Daily Low | 71.46 |
| Previous Weekly High | 79.19 |
| Previous Weekly Low | 71.83 |
| Previous Monthly High | 79.19 |
| Previous Monthly Low | 69.41 |
| Daily Fibonacci 38.2% | 72.59 |
| Daily Fibonacci 61.8% | 72.16 |
| Daily Pivot Point S1 | 71.81 |
| Daily Pivot Point S2 | 70.72 |
| Daily Pivot Point S3 | 69.98 |
| Daily Pivot Point R1 | 73.64 |
| Daily Pivot Point R2 | 74.38 |
| Daily Pivot Point R3 | 75.47 |
[/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
