Published on Apr 10, 2023

Daily Analysis For WTI Crude (US Oil) 10-04-2023

WTI Crude Oil (US Oil) Analysis

Economic Events and Scenario for WTI Crude Oil (US Oil)

Economic Events: -

GMT	Event	Impact	Currency
00:50	(Japan) Current Account	Medium	JPY
01:00	(Australia) Easter Monday	None	AUD
01:00	(Austria) Easter Monday	None	EUR
01:00	(Belgium) Easter Monday	None	EUR
01:00	(Euro Area) Easter Monday	None	EUR
01:00	(Finland) Easter Monday	None	EUR
01:00	(France) Easter Monday	None	EUR
01:00	(Germany) Easter Monday	None	EUR
01:00	(Ireland) Easter Monday	None	EUR
01:00	(Italy) Easter Monday	None	EUR
01:00	(Latvia) Easter Monday	None	EUR
01:00	(Lithuania) Easter Monday	None	EUR
01:00	(Luxembourg) Easter Monday	None	EUR
01:00	(Malta) Easter Monday	None	EUR
01:00	(Netherlands) Easter Monday	None	EUR
01:00	(New Zealand) Easter Monday	None	NZD
01:00	(Switzerland) Easter Monday	None	CHF
01:00	(United Kingdom) Easter Monday	None	GBP
06:00	(Estonia) Inflation Rate MoM	Low	EUR
06:00	(Estonia) Inflation Rate YoY	Low	EUR
06:00	(Estonia) Balance of Trade	Low	EUR
06:00	(Estonia) CPI	Low	EUR
06:00	(Japan) Consumer Confidence	High	JPY
07:00	(Japan) Eco Watchers Survey Current	Low	JPY
07:00	(Japan) Eco Watchers Survey Outlook	Low	JPY
09:00	(Australia) Myfxbook AUDUSD Sentiment	Medium	AUD
09:00	(Switzerland) Myfxbook USDCHF Sentiment	Medium	CHF
09:00	(Japan) Myfxbook USDJPY Sentiment	Medium	JPY
09:00	(European Union) Myfxbook EURUSD Sentiment	Medium	EUR
09:00	(United Kingdom) Myfxbook GBPUSD Sentiment	Medium	GBP
09:00	(Canada) Myfxbook USDCAD Sentiment	Medium	CAD
09:00	(New Zealand) Myfxbook NZDUSD Sentiment	Medium	NZD
10:00	(Greece) Inflation Rate MoM	Low	EUR
10:00	(Greece) Industrial Production YoY	Low	EUR
10:00	(Greece) Harmonised Inflation Rate YoY	Low	EUR
10:00	(Greece) Inflation Rate YoY	Low	EUR
10:00	(Malta) Balance of Trade	Low	EUR
10:30	(Cyprus) Balance of Trade	Low	EUR
11:00	(Portugal) Balance of Trade	Low	EUR
15:00	(United States) Wholesale Inventories MoM	Low	USD
16:00	(United States) Consumer Inflation Expectations	Low	USD
16:30	(United States) 3-Month Bill Auction	Low	USD
16:30	(United States) 6-Month Bill Auction	Low	USD
21:15	(United States) Fed Williams Speech	Medium	USD

Today's Scenario: - Buyers of WTI crude oil are facing difficulties in maintaining control over the price, which is currently around $80.70 early on Monday. This is due to a combination of risk aversion in the markets and expectations of a more hawkish Federal Reserve policy supporting a rebound in the US Dollar. However, the possibility of supply disruptions, primarily from China and the OPEC+ group, is keeping oil buyers optimistic.

Buy Scenario: - The price of oil is currently in a phase of consolidation within a narrow range of $79.00-81.80, hovering near the horizontal resistance point plotted from the March 07 high at approximately $81.00. This is visible on a two-hour scale. The 20-period Exponential Moving Average (EMA) at $80.53 is overlapping the oil price, indicating a rangebound trend.

At the same time, the Relative Strength Index (RSI) (14) is fluctuating in the 40.00-60.00 range. This suggests that investors are currently waiting for a potential trigger before making any significant moves.

If the oil price manages to break above the April 04 high near $81.80, then bulls will likely drive the asset towards the December 01 high at $83.30, followed by the October 21 high at $85.66. Till we do not advise to buy in WTI US oil.

Selling Scenario: - On the other hand, if the price of oil experiences a downward trend and falls below the March 31 low at $73.31, it could lead to a decline towards the March 23 high at $71.69. A break below this level could further drag the oil price down towards the March 27 low at $69.18. Till will did not advise to sell WTI Crude oil.

Support and Resistance Level: -