Daily Analysis For WTI Crude (US Oil)  17-03-2023

Daily Analysis For WTI Crude (US Oil) 17-03-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventCurrency
13:15-(United States) Industrial Production YoYUSD
13:15-(United States) Industrial Production MoMUSD
14:00-(United States) Michigan Consumer SentimentUSD

Today's Scenario: - WTI crude oil is currently trading at around $68.65 and is showing slight gains, which is helping to reduce the largest weekly loss since early December. The positive technical indicators support the rise in price, and market sentiment is cautiously optimistic.

Buy Scenario: - WTI crude oil is currently trading at around $68.65, showing slight gains and recovering from its biggest weekly loss since early December. The market is cautiously optimistic, and the price-positive technical details support the bullish sentiment.
WTI has formed a Double Bottom chart pattern on the hourly scale, indicating a bullish reversal as the asset tested its prior crucial lows with less selling pressure. The oil price has crossed the critical resistance level of $69.00 and is now targeting the 20-period Exponential Moving Average (EMA) at $68.50, which will provide support for a short-term upside trend.
Additionally, the Relative Strength Index (RSI) (14) has shifted from the bearish territory of 20.00-40.00 to the neutral region of 40.00-60.00, further confirming the bullish reversal.
To continue its uptrend, WTI needs to break Thursday's high of $69.53, which will drive the asset towards the horizontal resistance at around $71.00. If this level is surpassed, the oil price could push towards the February 22 low at $73.85, till we do not advise to buy in crude oil.

Selling Scenario: - If WTI crude oil moves lower, breaking below the 15-month low at $65.88, it could head towards the low of 30 November 2021 at $64.40, followed by the low of 02 December 2021 at $62.41.Till will did not advise to sell WTI 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

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