Daily Analysis For WTI Crude (US Oil) 25-04-2023

Daily Analysis For WTI Crude (US Oil) 25-04-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
01:00(Australia) ANZAC DayNoneAUD
01:00(Italy) Liberation DayNoneEUR
01:00(New Zealand) ANZAC DayNoneNZD
01:00(Portugal) Liberty DayNoneEUR
03:45(East Timor) Inflation Rate MoMLowUSD
03:45(East Timor) Inflation Rate YoYLowUSD
07:00(Switzerland) Balance of TradeMediumCHF
07:00(United Kingdom) Public Sector Net BorrowingLowGBP
07:00(United Kingdom) Public Sector Net Borrowing Ex BanksLowGBP
08:00(Spain) PPI YoYLowEUR
09:00(Euro Area) ECB Enria SpeechLowEUR
09:30(Slovenia) Tourist Arrivals YoYLowEUR
10:00(United Kingdom) BoE Member BroadbentLowGBP
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Latvia) PPI MoMLowEUR
11:00(Latvia) PPI YoYLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
11:00(United Kingdom) CBI Business Optimism IndexMediumGBP
13:00(United States) Building PermitsMediumUSD
13:00(United States) Building Permits MoMLowUSD
13:55(United States) Redbook YoYLowUSD
14:00(United States) House Price IndexLowUSD
14:00(United States) House Price Index YoYLowUSD
14:00(United States) House Price Index MoMLowUSD
14:00(United States) S&P/Case-Shiller Home Price MoMMediumUSD
14:00(United States) S&P/Case-Shiller Home Price YoYMediumUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) CB Consumer ConfidenceMediumUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:00(United States) New Home SalesHighUSD
15:00(United States) New Home Sales MoMHighUSD
15:30(United States) Dallas Fed Services Revenues IndexLowUSD
15:30(United States) Dallas Fed Services IndexLowUSD
15:30(United States) NY Fed Treasury Purchases 4.5 to 7 yrsLowUSD
18:00(United States) 2-Year Note AuctionLowUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
23:45(New Zealand) ImportsLowNZD
23:45(New Zealand) ExportsLowNZD
23:45(New Zealand) Balance of TradeMediumNZD

Today's Scenario: - WTI crude oil is hovering around the $78.70 mark, remaining stable after a two-day upward trend. During early trading on Tuesday, the market is looking for new indicators, causing the black gold to hover around the 100-bar Exponential Moving Average (EMA).
Despite the energy benchmark fluctuating around the short-term EMA, its ability to remain above the $77.70 level of the 200-EMA, coupled with bullish MACD signals, provides hope to oil buyers.
Investors are closely monitoring the situation and are awaiting any signs of a shift in market conditions that could influence the price of crude oil.

Buy Scenario: - The WTI bulls are receiving further support as the quote has successfully broken the previous resistance line from April 14, which has now become an immediate support level at around $78.20.
Moreover, the confirmation of a "Double bottom" bullish chart pattern is strengthening the bullish bias around WTI crude oil, as the sustained break of the $78.30 trigger-point is validating this formation.
With these positive indicators, WTI crude oil buyers are poised to aim for the $80.00 round figure. However, the previous support line from late March, currently around $81.05, may pose a challenge to the WTI buyers. A break of this level could quickly propel the quote towards the monthly high of $83.40. Till we do not advise to buy in WTI US oil.

Selling Scenario: - On the other hand, WTI crude oil sellers would need validation from the double bottoms surrounding $76.68. Following that, a downward trajectory towards the 50% and 61.8% Fibonacci retracement of its March-April upside, at approximately $73.85 and $71.60 respectively, cannot be ruled out. Till we did not advise to sell WTI Crude oil.

Support and Resistance Level: -
SupportResistance
S1 77.18-R1 79.63
S2 75.71-R2 80.61
S3 74.73-R3 82.08

Discussion

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