Ultima Markets: 【 Market Analysis 】IEAPredicting an increase in demand, crude oil will eventually break through the range

todayUltimaMarkets Bringing you 2024year 3month 15Ribrentcrude oilIn depth analysis.

Fundamental points

• IEAPredicting an increase in demandDue to the International Energy Agency raising its forecast for oil demand growth this year, and due to OPEC+Production reduction measures, expected2024The annual oil supply and demand will turn slightly insufficient.
• Weak retail sales data: USA2The monthly retail sales rate is weak, recording0.6%Less than expected0.8%, previous value from-0.80%Downward revision to-1.1%；
  

technical analysis

Daily chart analysis

Brent crude oil daily chart, sourceUltima Markets MT4）

• Random oscillation index: Indicator in50Above the median line, a bullish signal is issued, indicating that the bearish trend is not strong, and off market bullish forces are beginning to enter the market. There is a probability of further increase in oil prices in the short term.
• Breaking through the intervalOil prices in black65The daily moving average has fluctuated and adjusted for nearly a month, and oil prices broke through the high point of the fluctuation range yesterday after hitting the moving average for the last time on Monday. The overall upward trend is very healthy, and it is worth paying attention to opportunities for long positions.
  

1Hour chart analysis

Brent crude oil1Hour chart, sourceUltima Markets MT4）

• Random oscillation index:The indicator has deviated from the overbought area, and the overall trend is steadily declining. After waiting for the indicator to issue a bullish signal again, we can focus on the long selling opportunities
• Supporting price rangeOil prices are in adjustment, with targets below looking towards an upward trend line and black33The support area composed of a combination of periodic moving averages. Based on the close oscillation period in the early stage1In the past month, oil prices may rise further after adjustment.
  

Trading CentralHub Line Indicators

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(US crude oil)30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day80.30，
• 80.30Upward bullish, first goal81.60Second objective82.00
• 80.30Under bearish, first target79.90Second objective79.40
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.