In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTI OIL for July 2, 2024.
Key Takeaways
- Crude oil production: OPEC’s oil production level remained relatively stable for the third month even though some major countries’ production exceeded their quota. As of writing, OPEC members are producing 26.98 million barrels per day in June, down 80,000 barrels from the producing 26.98 million barrels per day in June, down 80,000 barrels from previous month. OPEC reiterates that any plans to add oil production will largely be dependent on market conditions.
- Geopolitics: Oil price stabilizes after investors priced in growing geopolitical risk in Europe and the Middle East. WTI settled above $81 per barrel after notching 6% in June. In addition, the US election will become the key focus of oil traders in the coming months.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator: The indicator formed bullish signal in the overbought region, suggesting possible upside for short-term. However, due to imminent formation of divergence signal, it is suggested to remain vigilant on the short-term bull-run.
- Upside resistance: Oil prices continue to hover at the top side of ascending channel, with current momentum slowed down substantially. For the time being, monitor for possible breakout signal which could contribute towards mid-term rise.
1-hour Chart Analysis
- Stochastic oscillator: The indicator sends bearish signal after retracing from the upper boundaries of overbought region. For the time being, pay attention to the possibility of a change in trend direction after the indicator leaves the overbought threshold.
- Support levels: Overall momentum is skewed towards the downside, with both moving averages acting as support from the lower boundaries. It is suggested to wait for a possible rebound from either one of the moving averages if a retracement occurs before looking for bullish bias.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 82.70,
- Bullish Scenario: Bullish sentiment prevails above 82.70, first target 84.00, second target 84.60;
- Bearish Outlook: In a bearish scenario below 82.70, first target 82.20, second target 81.80.
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.
