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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTI OIL for SEP 6, 2024.
Key Takeaways
Crude oil surplus: The market expects an oversupply, which is expected to fall towards the range of $60 per barrel by 2025. The postponement of OPEC+’s production increase plan and geopolitical factors including disruptions in Libyan supply are expected to provide support for the price of Brent crude oil at $70-72.
NFP is the key: On Thursday, the ADP data added less than 100000 new jobs! Tonight’s non-farm payroll data is the focus of market attention. If the job market clearly weakens, the probability of the Federal Reserve cutting interest rates by 50 basis points in September skyrockets.
Technical Analysis
Daily Chart Insights
(Crude Oil Daily Price Chart, Source: Ultima Markets MT4)
(Crude Oil Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator enters the oversold area, indicating a strong bearish trend at present. However, there are signs of a shift in the current fast track indicators, which raises concerns about the possibility of a rebound in oil prices.
Mean reversion: Currently, after falling below the key support level of 72.56, oil prices continue to decline and move away from the moving average group. If there is a bullish reversal in oil prices, they may rebound strongly and retrace to the red moving average.
H1 Chart Insights
(Crude Oil H1 Price Chart, Source: Ultima Markets MT4)
(Crude Oil H1 Price Chart, Source: Ultima Markets MT4)
Stochastic Oscillator: The indicator oscillates above the oversold area, indicating that the oil price during the Asian session will mainly adjust its trend. At present, indicators and oil prices are about to form a bottom divergence pattern, so even if oil prices hit a new low, they cannot easily fall short.
Wolf wave: The current pattern of oil prices is suspected to be a Wolf wave. If the price reaches a new low, pay attention to whether the extension lines of points 1 and 3 show a bullish trend. At that time, there is a high probability that oil prices will rebound, looking towards the extension lines of points 1 and 4.
Pivot Indicator
(Crude Oil M30 Price Chart, Source: Ultima Markets APP)
(Crude Oil M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 70.40,
Bullish Scenario: Bullish sentiment prevails above 70.40, first target 71.45, second target 72.10;
Bearish Outlook: In a bearish scenario below 70.40, first target 67.70, second target 67.00.
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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Legal Documents
Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
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