In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTI OIL for 12th April 2024.
Key Takeaways
- OPEC monthly report: The monthly report maintained stable growth global growth demand for 2024 and 2025 with 2.25 million barrels per day and 1.85 million barrels per day respectively. Oil price soared last week to its highest level since October following rising tension in Middle East and Eastern Europe while coupled with prospects of tighter supplies in coming months.
- Demand expectations raised: According to the US Energy Information Administration (EIA) previous report, they raised its global demand expectations, consistent with the report provided by International Energy Agency (IEA). The forecast came over improvement of market outlook for the second half of the year.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator: The indicator issued a short signal at the overbought region yesterday. However, due to lack of momentum, its price may consolidate in the short-term.
- Upward channel line: Oil price rose in mid-March after rebounding from the 33-MA line (red). Looking forward, we may anticipate its price to edge towards the lower boundaries of the ascending channel, in which it may retest the moving average line again.
4-hour Chart Analysis
- Stochastic oscillator: The indicator left oversold region with bearish signal formed at above 50 threshold, suggesting short-term downside bias. It is worth noting to look into lower timeframes for entry signal.
- Top pattern: Oil price rebound near 65-MA line (black) while subject to downward trendline up top. If it closes below the MA line again, it may undergo deep correction thereafter.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 85.95,
- Bullish Scenario: Bullish sentiment prevails above 85.95, first target 86.60, second target 87.00;
- Bearish Outlook: In a bearish scenario below 85.95, first target 84.90, second target 84.55.
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.
