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WTIOIL Analysis: With Trump’s official inauguration, the Canadian dollar takes the first hit.
WTIOIL Analysis: With Trump’s official inauguration, the Canadian dollar takes the first hit.
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTIOIL for JAN 22, 2025.
Fundamental Analysis of WTIOIL
WTIOIL Key Takeaways
Crude oil policy: As Trump declared a national energy emergency on his first day in office, the market was concerned about increased US production, and both oils fluctuated downward.
Weak US dollar index: As the market struggled with the uncertainty of Trump’s tariff policy, the US dollar index rose first and then fell. It once rose to an intraday high of 108.78 during the session, and then gave up all the gains and turned down, and finally closed down 0.1% at 107.97.
Technical Analysis of WTIOIL Daily and Hourly Charts
WTIOIL Daily Chart Insights
(WTIOIL Daily Price Chart, Source: Ultima Markets MT4)
(WTIOIL Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, suggesting that short-term short forces occupy the upper side. However, since the indicator does not show a top divergence pattern, the current decline is temporarily regarded as an adjustment.
Support price: WTI crude oil has continued to rise since the adjustment ended on January 9. It fell above the fair value gap yesterday and closed with a pin bar. Since the overall adjustment trend has not ended, the first target below is 61.8%, and the second target is the lower edge of the fair value gap and the green 200-day MA.
WTIOIL 1-hour Chart Analysis
(WTIOIL H1 Price Chart, Source: Ultima Markets MT4)
(WTIOIL H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator is suspected to be about to send a short signal above the 50 median line. If the indicator clearly starts to fall, it is expected to look at yesterday’s low during the Asian session. On the contrary, oil prices will continue to rebound.
MA indicator: Based on the short-term decline logic of the daily line, oil prices are currently in a volatile rebound stage during the Asian session, and attention should be paid to the obstruction pattern of the black 65-period MA above.
Pivot Indicator Insights for WTIOIL
(WTIOIL M30 Price Chart, Source: Ultima Markets APP)
(WTIOIL M30 Price Chart, Source: Ultima Markets APP)
According to Pivot Indicator in Ultima Markets APP, the central price of the day is established at 76.70,
Bullish Scenario: Bullish sentiment prevails above 76.70, first target 77.15, second target 77.85;
Bearish Outlook: In a bearish scenario below 76.70, first target 75.10, second target 74.40.
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