Daily Analysis For WTI Crude (US Oil) 19-05-2023

Daily Analysis For WTI Crude (US Oil) 19-05-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
00:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
00:30(Japan) Core Inflation Rate YoYMediumJPY
00:30(Japan) Inflation Rate MoMLowJPY
00:30(Japan) Inflation Rate YoYHighJPY
00:30(Japan) Inflation Rate Ex-Food and Energy YoYLowJPY
01:00(Belgium) Friday after Ascension DayNoneEUR
04:00(New Zealand) Credit Card Spending YoYLowNZD
04:35(Japan) 3-Month Bill AuctionLowJPY
05:30(Japan) Tertiary Industry Index MoMLowJPY
07:00(Germany) PPI YoYLowEUR
07:00(Germany) PPI MoMMediumEUR
08:00(Slovakia) Current AccountLowEUR
09:00(Greece) Current AccountLowEUR
09:00(Italy) Construction Output YoYLowEUR
09:30(Slovenia) PPI YoYLowEUR
10:00(Slovakia) Unemployment RateLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
12:00(Montenegro) Current AccountLowEUR
13:30(Canada) Retail Sales YoYHighCAD
13:30(Canada) Retail Sales Ex Autos MoMHighCAD
13:30(Canada) Retail Sales MoMHighCAD
13:45(United States) Fed Williams SpeechMediumUSD
14:00(United States) Fed Bowman SpeechMediumUSD
15:55(Euro Area) ECB Schnabel SpeechMediumEUR
16:00(United States) Fed Chair Powell SpeechHighUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(Euro Area) ECB President Lagarde SpeechMediumEUR

Today's Scenario: - WTI crude oil is experiencing a 0.50% increase in value, trading near $72.50. It is showing signs of breaking a four-week downtrend and is currently trading within a symmetrical triangle that has been forming for the past week.
The price of oil has managed to surpass an upward-sloping trendline from last Wednesday, which was around $71.95 at the time of writing. Additionally, it has remained above the 200-hour Exponential Moving Average (EMA), located around $71.80. These factors suggest that the oil price is likely to continue its upward momentum and remain relatively strong.

Buy Scenario: - It is important to monitor the upper trendline of the triangle pattern around $73.20, as a breakout above this level could potentially drive the WTI crude oil price towards the swing high of May 10 near $73.80.
It is worth mentioning that the support level near $73.85-90 from April could pose an additional obstacle before pushing the oil buyers towards the monthly high of $76.60. Till we do not advise to buy in WTI US oil.

Selling Scenario: - On the downside, the immediate support line and the 200-hour Exponential Moving Average (EMA) at approximately $71.95 and $71.80, respectively, are likely to limit short-term declines in the WTI crude oil price.
Subsequently, the lower trendline of the triangle pattern, around $70.70, is followed by a two-week horizontal support zone near $69.40-30, which will challenge the bearish sentiment in the energy market.
If the WTI price remains bearish below $69.30, there is a possibility of a decline towards the monthly low near $64.30. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
S1 71.38-R1 72.81
S2 70.75-R2 73.60
S3 69.96-R3 74.23


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