WTI is in consolidation following a series of news events that have pressured crude prices. (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 is in consolidation following a series of news events that have pressured crude prices.
• A combination of risk-off and industry data sees crude lower by over 1%.

The pair currently trades last at 72.65.

The previous day high was 73.71 while the previous day low was 71.3. The daily 38.2% Fib levels comes at 72.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 72.22, expected to provide support.

West Texas Intermediate, WTI, crude oil is down on the day by some 1.28% after the United States reported inflation in April fell for a tenth straight month. A separate industry-related report also showed US inventories are on the rise. WTI has traveled between a high of $73.83 and a low of $71.86bbls.

Firstly, the US Consumer Price index climbed by 4.9% on an annualized basis in April, under the consensus forecast for a 5% rise, helping to lift spirits in financial markets initially. Core inflation, which excludes volatile food and fuel prices rose 5.5% from 5.6%, matching estimates. However, there was a bout of risk-off that came through late r in the day as the data shows that inflation is still well above the Federal Reserve’s target.

´´Increasingly, we expect the Federal Reserve will have to balance risks between sticky inflation, and slowing growth momentum / tighter financial conditions. We continue to expect the move last week to be the last one this cycle, leaving the Fed on hold until later this year,´´ analysts at RBC Economics argued.

In other news, the United States suspended further sales from its Strategic Petroleum Reserve, and Crude oil inventories for the current week showed a build of 2.951M versus -0.917M draw.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 72.65 at the time of writing. Pair opened at 73.47 and is trading with a change of -1.12 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 76.33, 50 SMA 75.51, 100 SMA @ 76.76 and 200 SMA @ 80.77.

The previous day high was 73.71 while the previous day low was 71.3. The daily 38.2% Fib levels comes at 72.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 72.22, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 71.94, 70.42, 69.53
• Pivot resistance is noted at 74.35, 75.24, 76.77

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group