Daily Analysis For WTI Crude (US Oil) 06-04-2023

Daily Analysis For WTI Crude (US Oil) 06-04-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
00:50(Japan) Foreign Bond InvestmentLowJPY
00:50(Japan) Stock Investment by ForeignersLowJPY
01:00(El Salvador) Maundy ThursdayNoneUSD
01:00(Portugal) Maundy ThursdayNoneEUR
02:30(Australia) Exports MoMLowAUD
02:30(Australia) Imports MoMLowAUD
02:30(Australia) Balance of TradeHighAUD
02:30(Australia) RBA Financial Stability ReviewMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
04:35(Japan) 6-Month Bill AuctionLowJPY
04:35(Japan) 30-Year JGB AuctionLowJPY
06:00(Estonia) Industrial Production MoMLowEUR
06:00(Estonia) Industrial Production YoYLowEUR
06:00(Finland) Industrial Production YoYLowEUR
06:45(Switzerland) Unemployment RateHighCHF
07:00(Finland) Balance of TradeLowEUR
07:00(Germany) Industrial Production MoMMediumEUR
07:00(United Kingdom) Halifax House Price Index MoMMediumGBP
07:00(United Kingdom) Halifax House Price Index YoYMediumGBP
08:00(Austria) Balance of TradeLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Slovakia) Balance of TradeLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Germany) New Car Registrations YoYLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Cyprus) Construction Output YoYLowEUR
10:00(Cyprus) Inflation Rate MoMLowEUR
10:00(Cyprus) Inflation Rate YoYLowEUR
10:00(France) 10-Year OAT AuctionLowEUR
11:00(Ireland) Industrial Production YoYLowEUR
12:30(United States) Challenger Job CutsLowUSD
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Initial Jobless ClaimsHighUSD
13:30(United States) Jobless Claims 4-week AverageHighUSD
13:30(United States) Continuing Jobless ClaimsHighUSD
15:00(Canada) Ivey PMI s.aHighCAD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(United States) Total Vehicle SalesLowUSD
15:00(United States) Fed Bullard SpeechMediumUSD
15:30(United States) EIA Natural Gas Stocks ChangeLowUSD
16:30(United States) 8-Week Bill AuctionLowUSD
16:30(United States) 4-Week Bill AuctionLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD

Today's Scenario: - WTI crude oil has experienced a second consecutive day of decline, having recently reached a seven-week high. It is currently down by 0.50%, trading near $79.95 as Thursday's European session begins. This decline can be attributed to a corrective bounce in the US Dollar and a general negative sentiment, which has resulted in trimming gains during the third consecutive weekly uptrend.

Buy Scenario: - A potential uptrend may occur if the market rises above the resistance level of 81.81. If this happens, the next target level would be the resistance level of 83.04. Till we do not advise to buy in WTI US oil.

Selling Scenario: - If the market continues to trade below the resistance level of 81.81, it is likely that the downtrend will persist, potentially leading to a drop towards the support level of 75.70. Till will did not advise to sell WTI Crude oil.

Support and Resistance Level: -
SupportResistance
S1 79.66-R1 81.16
S2 78.95-R2 81.95
S3 78.16-R3 82.66

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