WTI crude oil has bearish conditions prevailing

2024年11月11日

USOIL continued to decline during the Asian trading session on Monday (November 11), trading around 70.03 USD/barrel. As the storm's impact on the supply side waned, sentiment in favor of rising oil prices faded.

At the same time, the US Dollar index is strong and rising, putting pressure on WTI crude oil and global demand is expected to show no signs of recovery. Under many resonances, the positive outlook for WTI crude oil is still quite dim.
It is currently near the integer mark of $70. If it falls below again, a return to the previous low is likely. Essentially, continue to pay attention to changes in inventory data, as well as whether the US Dollar Index (Dxy) continues to exert strong pressure on oil prices.

On the daily chart, after crude oil USOIL Under pressure from the area around 72.39USD, readers should note that in previous publications, the recovery momentum has weakened. Meanwhile, moving below the 0.236% Fibonacci retracement level and the RSI pointing down from the 50 area will be quite good signals for bearish expectations. The first target level for bearish expectations is $68.77 in the short term, ahead of $68.11 and $66.44. Currently, WTI crude oil has technical conditions that are completely inclined to the downward trend with the price channel being the long-term trend.

During the day, the downtrend of WTI crude oil will be noticed again by the following technical levels.
Support: 70 – 68.77 – 68.11USD
Resistance: 70.56 – 72.39USD

2024年11月18日

註釋

2024年11月27日

註釋

Long-standing geopolitical tensions in the Middle East have cooled following the announcement from President Biden of a ceasefire agreement between Lebanon and Israel. This development caused crude oil prices to be unable to maintain a slight recovery on Tuesday from the bottom of more than a week

2024年12月9日

註釋

USOIL continued to fall within the descending channel and closed below both EMAs, suggesting further downside potential.