Daily Analysis For WTI Crude (US Oil) 24-03-2023

Daily Analysis For WTI Crude (US Oil) 24-03-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
0:01(Ireland) Consumer ConfidenceLowEUR
0:01(United Kingdom) Gfk Consumer ConfidenceHighGBP
0:30(Japan) Jibun Bank Services PMIMediumJPY
0:30(Japan) Jibun Bank Composite PMILowJPY
0:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
3:35(Japan) 3-Month Bill AuctionLowJPY
5:30(Netherlands) GDP Growth Rate QoQMediumEUR
5:30(Netherlands) GDP Growth Rate YoYMediumEUR
6:00(Finland) Import Prices YoYLowEUR
6:00(Finland) PPI YoYLowEUR
6:00(Finland) Export Prices YoYLowEUR
7:00(United Kingdom) Retail Sales MoMHighGBP
7:00(United Kingdom) Retail Sales YoYHighGBP
7:00(United Kingdom) Retail Sales ex Fuel MoMHighGBP
7:00(United Kingdom) Retail Sales ex Fuel YoYHighGBP
8:00(European Union) European Council MeetingMediumEUR
8:00(Spain) PPI YoYLowEUR
8:00(Spain) GDP Growth Rate QoQMediumEUR
8:00(Spain) GDP Growth Rate YoYMediumEUR
8:15(France) S&P Global Composite PMILowEUR
8:15(France) S&P Global Services PMIMediumEUR
8:15(France) S&P Global Manufacturing PMIMediumEUR
8:30(Germany) S&P Global Composite PMILowEUR
8:30(Germany) S&P Global Services PMIHighEUR
8:30(Germany) S&P Global Manufacturing PMIHighEUR
9:00(Euro Area) S&P Global Composite PMILowEUR
9:00(Euro Area) S&P Global Manufacturing PMIHighEUR
9:00(Euro Area) S&P Global Services PMIHighEUR
9:30(Slovenia) Business ConfidenceLowEUR
9:30(Slovenia) Tourist Arrivals YoYLowEUR
9:30(United Kingdom) S&P Global/CIPS Composite PMILowGBP
9:30(United Kingdom) S&P Global/CIPS Manufacturing PMIHighGBP
9:30(United Kingdom) S&P Global/CIPS UK Services PMIHighGBP
9:30(Germany) Bundesbank Nagel SpeechLowEUR
11:00(Luxembourg) Current AccountLowEUR
11:00(Netherlands) Current AccountLowEUR
12:30(Canada) Wholesale Sales MoMLowCAD
12:30(Canada) Retail Sales YoYHighCAD
12:30(Canada) Retail Sales Ex Autos MoMHighCAD
12:30(Canada) Retail Sales MoMHighCAD
12:30(Canada) Manufacturing Sales MoMLowCAD
12:30(United States) Non Defense Goods Orders Ex AirLowUSD
12:30(United States) Durable Goods Orders ex Defense MoMHighUSD
12:30(United States) Durable Goods Orders MoMHighUSD
12:30(United States) Durable Goods Orders Ex Transp MoMHighUSD
13:30(United States) Fed Bullard SpeechMediumUSD
13:45(United States) S&P Global Composite PMIMediumUSD
13:45(United States) S&P Global Services PMIHighUSD
13:45(United States) S&P Global Manufacturing PMIHighUSD
14:00(Belgium) Business ConfidenceLowEUR
16:00(United Kingdom) BoE L Mann SpeechMediumGBP
17:00(United States) Baker Hughes Oil Rig CountLowUSD
17:00(United States) Baker Hughes Total Rig CountLowUSD
Today's Scenario: - WTI crude oil continues to decline after retreating from its one-week high and is currently trading near $69.15 on early Friday. The decline is attributed to concerns over an economic crisis due to bank failures and expectations of more rate hikes from the US Federal Reserve (Fed).
Buy Scenario: - WTI crude oil has retreated from a one-week high and is hovering near the 200-hour moving average, as bears have returned to the market during early Friday. The commodity has consolidated amid a slow Asian session. The previous day, the price reversed from an upward-sloping resistance line from March 16, inviting bears into the market. The bearish MACD signals and the downbeat RSI (14) line also support the current weakness of the benchmark. Therefore, the price's corrective bounce is unlikely to occur unless it crosses the aforementioned resistance line near $71.80. However, even if it does, the mid-March swing high and the 50% Fibonacci retracement of the commodity's fall from March 07 to 20, which is around $72.70 by the latest, are crucial for WTI crude oil buyers to regain control, till we do not advise to buy in crude oil.
Selling Scenario: - If the WTI crude oil price manages to recover from the current levels, it needs to cross the descending trend line from March 18, near $70.35, to regain the bulls' confidence.
In that case, the recent high of $71.70 may offer intermediate resistance before directing buyers towards the 200-DMA hurdle, around $73.40.
In short, WTI crude oil remains vulnerable to the downside unless breaking the immediate trend line resistance. Till will did not advise to sell WTI Crude oil.
Support and Resistance Level: -
SupportResistance
S1 68.56-R1 71.08
S2 67.61-R2 72.64
S3 66.05-R3 73.59

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