Crude Oil markets continue to pattern into a sideways channel. (Pivot Orderbook analysis)

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• Crude Oil markets continue to pattern into a sideways channel.
• Barrel supplies continue to outpace demand that has failed to materialize.
• Energy markets remain concerned about supply constraints that have yet to occur.

The pair currently trades last at 77.45.

The previous day high was 78.3 while the previous day low was 76.22. The daily 38.2% Fib levels comes at 77.02, expected to provide support. Similarly, the daily 61.8% fib level is at 77.51, expected to provide resistance.

West Texas Intermediate (WTI) US Crude Oil rebounded on Monday after last week’s near-term decline, and WTI is once again trading back above $77.50 per barrel.

Concerns about global demand rising to outpace global barrel supply on the back of an expected explosion in Chinese Crude Oil demand have fizzled out, but markets remain concerned about barrel supply amidst Middle East geopolitical tensions and production caps from the Organization of the Petroleum Exporting Countries. According to a recent survey by Bloomberg, many energy market analysts expect OPEC to maintain current production caps through the second quarter in an attempt to keep Crude OIl supply low enough to keep prices high, but record pumping figures from non-OPEC countries, most notably the US, remains a key chink in the armor.

Geopolitical tensions remain high in the Red Sea as Houthis continue to target civilian shipping vessels. Crude Oil markets remain concerned about a possible kink in supply lines between Europe and Asia, keeping barrel bids elevated.

Choppy sideways trading has been the name of the game in WTI US Crude Oil recently. Intraday technicals have been increasingly chopping as US Crude Oil swings from one day to the next but largely remains capped below $79.00.

WTI prices have been hampered by the 200-day Simple Moving Average (SMA) at $77.62, a price that has seen Crude Oil spiral around since falling into the long-term region in November of 2022.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 77.45 at the time of writing. Pair opened at 76.47 and is trading with a change of 1.28 % .

The pair is trading above its 20 Daily moving average @ 76.22, above its 50 Daily moving average @ 74.51 , above its 100 Daily moving average @ 76.56 and below its 200 Daily moving average @ 77.6

The previous day high was 78.3 while the previous day low was 76.22. The daily 38.2% Fib levels comes at 77.02, expected to provide support. Similarly, the daily 61.8% fib level is at 77.51, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 75.69, 74.91, 73.61
• Pivot resistance is noted at 77.77, 79.08, 79.85

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