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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTI OIL for SEP 27, 2024.
Key Takeaways
Crude oil supply increased significantly: International oil prices plunged during the session as foreign media reported that Saudi-led OPEC+ will continue to push forward its production increase plan in December. WTI crude oil finally dipped 3.3% at $67.3/barrel; Brent crude oil slipped 3.04% at $70.84/barrel.
War supports oil prices: Iraq, Jordan and Egypt jointly condemned Israel’s “aggression” against the Gaza Strip and Lebanon and warned that these actions could lead to a comprehensive escalation of the situation in the Middle East. The statement was issued after Israel and the Hezbollah armed group in Lebanon had a fierce conflict, after a series of wireless equipment explosions and air strikes killed a senior Hezbollah member.
Technical Analysis
Daily Chart Insights
(WTIUSD Daily Price Chart, Source: Ultima Markets MT4)
(WTIUSD Daily Price Chart, Source: Ultima Markets MT4)
MACD: The indicator did not enter the overbought area, and a short signal occurred, suggesting that the previous upward trend was weak. The current fast line indicator is close to the median line, and it is worth paying attention to the short opportunity of oil prices.
Support price: The two-day decline in WTI crude oil prices suggests that the current bearish trend is strong. Due to the small number of support prices below, oil prices are still likely to fall further today. The key focus is on the 78.6% Fibonacci retracement level. If it continues to break, it will look to the previous low. It is worth noting that today is Friday, and the weekly closing price means that the probability of a blocked rebound is dominant.
H1 Chart Insights
(WTIUSD H1 Price Chart, Source: Ultima Markets MT4)
(WTIUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator fluctuates below the median line, suggesting that the current oil price trend is unclear and there is a possibility of reversal at any time.
Wolfe wave: WTI crude oil fell slowly during the Asian session, and Wolfe waves are about to form. In theory, point 5 will touch the line connecting points 1 and 3, and then reverse upward, with the first target looking at the price of point 4. In line with the expectation of today’s Friday closing, this trend is likely.
Pivot Indicator
(WTIUSD M30 Price Chart, Source: Ultima Markets APP)
(WTIUSD M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 68.70,
Bullish Scenario: Bullish sentiment prevails above 68.70, first target 69.50, second target 70.40;
Bearish Outlook: In a bearish scenario below 68.70, first target 66.30, second target 65.40.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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