Daily Analysis For WTI Crude (US Oil) 01-05-2023

Daily Analysis For WTI Crude (US Oil) 01-05-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - On Monday, WTI crude oil price dropped to $76.00 after a brief corrective bounce from the 50% Fibonacci retracement of the March-April uptrend. The decline comes as the black gold retreats from a two-week-old falling trend line and the 50-period Simple Moving Average (SMA). The Relative Strength Index (RSI) line remains steady, further adding to the bearish sentiment.

Buy Scenario: - WTI crude oil has retreated to $76.00 after a corrective bounce off the 50% Fibonacci retracement of the March-April uptrend on Monday. The oil benchmark is currently trading below a two-week-old falling trend line and the 50-day simple moving average (SMA), with the Relative Strength Index (RSI) remaining steady and indicating a downside bias.
While the 200-day SMA level at around $75.85 and bullish Moving Average Convergence Divergence (MACD) signals challenge buyers, the oil price's weakness below $75.85 would require confirmation from the 50% Fibonacci retracement level at around $73.85 and the late March swing low of around $72.70 to convince the bears. Till we do not advise to buy in WTI US oil.

Selling Scenario: - If the bears manage to push through these levels, the next significant support is the 61.8% Fibonacci retracement level. On the other hand, immediate descending resistance lines and the 50-day SMA at $76.80 and $77.10, respectively, can challenge short-term buyers. However, if the bulls manage to overcome these levels, they may encounter resistance levels near $79.50, the $80.00 round figure, and $81.60 before reaching the latest multi-day peak of $83.40, marked in April.
In summary, the WTI crude oil price is likely to remain on the bull's radar unless it stays below $72.70. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
S1 74.68-R1 77.66
S2 72.79-R2 78.74
S3 71.71-R3 80.63


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