WTI price edges higher on escalated threat over supply disruption from the Middle East. (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 price edges higher on escalated threat over supply disruption from the Middle East.
• Iran-led Houthis targeted Belize-flagged, British-registered cargo vessel Rubymar.
• European Union has deployed warships and early warning systems to safeguard shipping lanes in the Red Sea.
• Saudi Aramco is considering issuing a bond of up to maturity of 50 years in 2024.

The pair currently trades last at 78.28.

The previous day high was 78.51 while the previous day low was 77.59. The daily 38.2% Fib levels comes at 77.94, expected to provide support. Similarly, the daily 61.8% fib level is at 78.16, expected to provide support.

West Texas Intermediate (WTI) oil price retraces its recent losses registered on Monday. WTI price trades higher around $78.30 per barrel during the Asian trading hours on Tuesday. The escalated threat of the oil supply disruption from the Middle East is supporting the prices of Crude oil.

The Iran-led Houthi group has conducted additional drone and missile strikes on shipping vessels in the Red Sea and Bab al-Mandab Strait. Among the targeted vessels was the Belize-flagged, British-registered cargo vessel Rubymar. As a result of the attack, the crew of the cargo vessel evacuated the ship off the coast of Yemen.

In response to these attacks, the European Union (EU) has initiated a naval mission, deploying European warships and early warning systems to safeguard shipping lanes in the Red Sea from further Houthi assaults.

Crude oil prices cheer the positive economic news from the largest oil importer China. The People’s Bank of China (PBoC) has opted to keep its one-year Loan Prime Rate (LPR) unchanged at 3.45%. However, the PBoC has reduced the five-year LPR by 25 basis points from 4.20% to 3.95% to support its struggling economy. Furthermore, China experienced a significant increase in annual tourism revenues during the national Lunar New Year holiday period.

Saudi Aramco is reportedly considering issuing a bond in 2024 with longer maturities of up to 50 years, according to Chief Financial Officer Ziad Al-Murshed. This planned issuance is part of the company’s strategy to optimize its capital structure.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 78.28 at the time of writing. Pair opened at 78.15 and is trading with a change of 0.17 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 75.99, 50 SMA 73.98, 100 SMA @ 76.81 and 200 SMA @ 77.49.

The previous day high was 78.51 while the previous day low was 77.59. The daily 38.2% Fib levels comes at 77.94, expected to provide support. Similarly, the daily 61.8% fib level is at 78.16, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 77.65, 77.16, 76.73
• Pivot resistance is noted at 78.57, 79.0, 79.49

[/s2If]

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