In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the OIL for 15th March 2024.
Key Takeaways
- IEA predicts rising demand: Because the International Energy Agency has raised its oil demand growth forecast for this year, and due to OPEC+ production reduction measures, oil supply and demand are expected to turn slightly insufficient in 2024.
- Retail sales data were weak: U.S. retail sales in February were weak on a monthly basis, recording 0.6%, lower than the expected 0.8%. The previous value was revised down from -0.80% to -1.1%.
Technical Analysis
Daily Chart Insights
- Stochastic Oscillator:The indicator sends a bull signal above the 50 midline, suggesting that the short trend is not strong, and bullish forces outside the market have begun to enter the market. There is a possibility that oil prices will rise further in the short term.
- Breakthrough range: Oil prices have fluctuated above the black 65-day moving average for nearly a month. After stepping back above the moving average for the last time on Monday, oil prices broke through the high point of the shock range yesterday. The overall upward trend is very healthy, and it is worth paying attention to long opportunities.
1-hour Chart Analysis
- Stochastic Oscillator:The indicator has left the overbought area and the current overall trend is falling steadily. You can focus on long opportunities after waiting for the indicator to send out a long signal again.
- Support price: Oil prices are in the process of adjustment, and the lower target is towards the support area composed of the upward trend line and the black 33-period moving average. Based on the previous range of nearly one month, oil prices may rise further after adjustment.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 80.30,
- Bullish Scenario: Bullish sentiment prevails above 80.30, first target 81.60, second target 82.00;
- Bearish Outlook: In a bearish scenario below 80.30, first target 79.90, second target 79.40.
Conclusion
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Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
