Daily Analysis For Crude (WTI Crude Oil)  29-12-2022

Daily Analysis For Crude (WTI Crude Oil) 29-12-2022

Crude Oil (WTI Crude Oil) Analysis
Crude Oil (WTI Crude Oil)
Economic Events and Scenario for Crude Oil
Economic Events : -
GMTEventCurrency
13:30-(United States) Initial Jobless ClaimsUSD
13:30-(United States) Jobless Claims 4-week AverageUSD
13:30-(United States) Continuing Jobless ClaimsUSD
16:00-(United States) EIA Gasoline Stocks ChangeUSD
16:00-(United States) EIA Crude Oil Stocks ChangeUSD

Today's Scenario : - After registering a two-day downtrend, WTI crude oil remains down during the early hours of Thursday as commodities bears look for further cues to prolong the most recent southward run during the holiday season. As a result, the price of oil has sought to recover.

Buy Scenario : - The price of oil is circling the upward-sloping trendline drawn from the low point on December 12 at about $79.50. Investors should prepare for a significant move because the oil price is nearing a pivotal point. The bearish crossing of the 20- and 50-period exponential moving averages (EMAs) occurred at $79.36, the uptrend is likely to continue. We do not suggest to buy position in WTI crude oil.

Selling Scenario : - The 200-period Exponential Moving Average (EMA) at $77.89, however, has not yet been given up. The Relative Strength Index (RSI) (14) is now fluctuating above 40.00, but negative momentum will start to build if it breaks inside the bearish area of 20.00-40.00. As long as we don't recommend selling crude oil.

Support and Resistance Level : -
SupportResistance
S1 92.93-R1 105.59
S2 90.06-R2 108.75
S3 85.41-R3 116.64

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023:  Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;