Daily Analysis For WTI Crude (US Oil) 28-03-2023

Daily Analysis For WTI Crude (US Oil) 28-03-2023

WTI Crude Oil (US Oil) Analysis
WTI Crude Oil (US Oil)
Economic Events and Scenario for WTI Crude Oil (US Oil)
Economic Events: -
GMTEventImpactCurrency
1:30(Australia) Retail Sales MoMHighAUD
4:35(Japan) 40-Year JGB AuctionLowJPY
5:15(Australia) RBA Connolly SpeechMediumAUD
7:00(Lithuania) Retail Sales MoMLowEUR
7:00(Lithuania) Retail Sales YoYLowEUR
7:45(France) Business Climate IndicatorLowEUR
7:45(France) Business ConfidenceMediumEUR
9:00(Italy) Consumer ConfidenceMediumEUR
9:00(Italy) Business ConfidenceMediumEUR
9:35(Euro Area) ECB Enria SpeechMediumEUR
9:45(United Kingdom) BoE Gov Bailey SpeechMediumGBP
10:10(Italy) Index-Linked BTP AuctionLowEUR
10:10(Italy) BTP Short TermLowEUR
10:10(Italy) 10-Year BTP Short Term AuctionLowEUR
10:30(Germany) 2-Year Schatz AuctionLowEUR
11:00(Ireland) Retail Sales YoYLowEUR
11:00(Ireland) Retail Sales MoMLowEUR
11:00(Luxembourg) Balance of TradeLowEUR
13:30(United States) Retail Inventories Ex Autos MoMMediumUSD
13:30(United States) Goods Trade BalanceHighUSD
13:30(United States) Wholesale Inventories MoMMediumUSD
13:55(United States) Redbook YoYLowUSD
14:00(United States) House Price Index YoYLowUSD
14:00(United States) House Price IndexLowUSD
14:00(United States) S&P/Case-Shiller Home Price YoYMediumUSD
14:00(United States) S&P/Case-Shiller Home Price MoMMediumUSD
14:00(United States) House Price Index MoMLowUSD
15:00(United States) CB Consumer ConfidenceMediumUSD
15:00(United States) Richmond Fed Manufacturing Shipments IndexLowUSD
15:00(United States) Richmond Fed Manufacturing IndexLowUSD
15:00(United States) Richmond Fed Services IndexLowUSD
15:00(United States) Fed Barr TestimonyMediumUSD
Today's Scenario: - WTI crude oil is currently trading slightly lower below $73.00 as buyers take a break following the largest daily increase in 10 months. Despite breaking above the 10-day moving average and a descending trend line that has been in place for three weeks, traders seem hesitant to push prices higher.
Buy Scenario: - WTI crude oil is currently trading below $73.00, experiencing slight losses as buyers take a breather after its largest daily increase in 10 months. Although the previous day's upside break of the 10-day moving average (DMA) and a three-week descending trend line did not provide much support for oil traders.
Despite this, bullish signals from the Moving Average Convergence Divergence (MACD) and continued trading above the one-week-old ascending trend line may allow WTI crude oil buyers to surpass the immediate 21-DMA barrier, which is currently located around $73.40.
However, the previous support line from December, which is now acting as resistance and is around $75.50, is a critical obstacle for oil bulls to overcome before they can take control of the market. If the bulls succeed in breaking through this resistance, it may lead to a rise towards the monthly high of about $81.00, till we do not advise to buy in crude oil.
Selling Scenario: - WTI crude oil has seen mild losses below $73.00 after a significant daily jump, with traders struggling to cheer the previous day's upside break of the 10-DMA and three-week-old descending trend line. However, the bullish MACD signals and sustained trading beyond the one-week-old ascending trend line have enabled WTI crude oil buyers to cross the immediate 21-DMA hurdle around $73.40. The previous support line from last December, now resistance around $75.50, appears to be the key hurdle for Oil bulls to cross before eyeing the driver's seat. If the Oil price drops, the $70.00 level restricts the immediate downside, followed by the 10-DMA support of $69.50. A drop below $69.50 would see a convergence of the one-week-old ascending trend line and the previous resistance line from March 07, around $68.20, as crucial for the Oil bears to conquer. Despite the latest inaction, the Oil price has regained buyers' attention. Till will did not advise to sell WTI Crude oil.
Support and Resistance Level: -
SupportResistance
S1 70.35-R1 74.30
S2 67.79-R2 75.69
S3 66.40-R3 78.25

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