Published on Mar 23, 2023

Daily Analysis For WTI Crude (US Oil) 23-03-2023

WTI Crude Oil (US Oil) Analysis

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

Economic Events: -

GMT	Event	Impact	Currency
07:00	(Lithuania) Industrial Production YoY	Low	EUR
07:00	(Lithuania) Industrial Production MoM	Low	EUR
08:00	(European Union) European Council Meeting	Medium	EUR
08:30	(Switzerland) SNB Interest Rate Decision	Medium	CHF
09:00	(Greece) Current Account	Low	EUR
09:30	(Slovenia) Consumer Confidence	Low	EUR
11:30	(Germany) Bundesbank Balz Speech	Low	EUR
12:00	(United Kingdom) BoE Interest Rate Decision	High	GBP
12:00	(United Kingdom) MPC Meeting Minutes	Medium	GBP
12:00	(United Kingdom) BoE MPC Vote Hike	Medium	GBP
12:00	(United Kingdom) BoE MPC Vote Unchanged	Medium	GBP
12:00	(United Kingdom) BoE MPC Vote Cut	Medium	GBP
12:00	(United States) Building Permits	Medium	USD
12:00	(United States) Building Permits MoM	Low	USD
12:00	(Germany) undesbank Wuermeling Speech	Low	EUR
12:30	(United States) Current Account	Medium	USD
12:30	(United States) Jobless Claims 4-week Average	High	USD
12:30	(United States) Continuing Jobless Claims	High	USD
12:30	(United States) Initial Jobless Claims	High	USD
12:30	(United States) Chicago Fed National Activity Index	Medium	USD
14:00	(United States) New Home Sales MoM	High	USD
14:00	(United States) New Home Sales	High	USD
14:30	(United States) EIA Natural Gas Stocks Change	Low	USD
15:00	(Euro Area) Consumer Confidence	Medium	EUR
15:00	(United States) Kansas Fed Composite Index	Low	USD
15:00	(United States) Kansas Fed Manufacturing Index	Low	USD
15:00	(United Kingdom) BoE L Mann Speech	Medium	GBP
15:00	(Euro Area) ECB Lane Speech	Low	EUR
15:30	(United States) 8-Week Bill Auction	Low	USD
15:30	(United States) 4-Week Bill Auction	Low	USD
17:00	(United States) 10-Year TIPS Auction	Low	USD
22:00	(Australia) Judo Bank Manufacturing PMI	High	AUD
22:00	(Australia) Judo Bank Services PMI	High	AUD
22:00	(Australia) Judo Bank Composite PMI	Low	AUD
23:30	(Japan) Inflation Rate Ex-Food and Energy YoY	Low	JPY
23:30	(Japan) Inflation Rate YoY	High	JPY
23:30	(Japan) Inflation Rate MoM	Low	JPY
23:30	(Japan) Core Inflation Rate YoY	Medium	JPY
23:50	(Japan) Foreign Bond Investment	Low	JPY
23:50	(Japan) Stock Investment by Foreigners	Low	JPY

Today's Scenario: - For the fourth day in a row, purchasers of West Texas Intermediate (WTI) crude oil have maintained control, as the price has climbed to $70.25 during the early hours of Thursday. As a result, the price of black gold has fluctuated around the one-week high recorded the previous day while moving closer to the crucial descending resistance line that originated on March 7th.

It seems that the buyers are showing a strong interest in WTI crude oil, which is reflected in the steady price increase. However, it remains to be seen whether this trend will continue or if sellers will take control of the market.

Nonetheless, the current price movement is an important development for traders, as it highlights the potential for further gains in the near future. If the price breaks through the key resistance line, it could open up opportunities for even more significant gains in the coming days.

As always, it's important to stay up to date with the latest market trends and news in order to make informed decisions when it comes to trading. By keeping a close eye on the WTI crude oil market, traders can take advantage of potential opportunities and make profitable trades.

Buy Scenario: - uyers of WTI crude oil have continued to dominate for the fourth consecutive day, pushing the quote up to $70.25 in early Thursday trading. The price of black gold has fluctuated around the one-week high set the previous day while edging closer to the key descending resistance line that has been in place since March 7th.

The recent upward movement in the energy benchmark may be attributed to a sustained break of a one-week-old horizontal resistance level, which is now acting as support, as well as the 50-day simple moving average (SMA). Additionally, bullish MACD signals and an upbeat relative strength index (RSI) (14) suggest that there is more upside potential for the price.

As a result, WTI bulls appear to be on track to surpass the resistance line at around $70.85 at the time of writing. However, the horizontal region between $72.50 and $70, which has been in place for seven weeks, may prove to be a challenging obstacle for oil buyers.

If the commodity price rally extends beyond $72.70, the late February low will be accompanied by the 100-day SMA, highlighting $73.85 as the final defense of the bears.

To stay up-to-date with the latest market trends and news, it is essential to keep a close eye on the WTI crude oil market. This way, traders can capitalize on potential opportunities and make profitable trades, till we do not advise to buy in crude oil.

Selling Scenario: - On the other hand, the 50-day simple moving average (SMA) and the one-week-old horizontal support, which was previously resistance, act as barriers against the short-term downside of black gold near $69.85.

If the price does decline, it may encounter support at $68.00 and $66.50 before reaching the monthly low around $64.40, which is also the lowest level observed since December 2021.

It's important for traders to keep a close eye on these support and resistance levels as they can provide useful insights into potential market movements. By staying informed about the latest developments and trends in the WTI crude oil market, traders can make more informed trading decisions. Till will did not advise to sell WTI Crude oil.

Support and Resistance Level: -