Ultima Markets[Market Analysis] If there is a false breakthrough in oil prices, falling below this level will result in...

todayUltimaMarkets Bringing you 2024year 3month 27OfWTIcrude oilIn depth analysis.

Fundamental points

• More than expected increase in crude oil inventoryThe US crude oil inventory report shows that last week, US crude oil inventories unexpectedly increased by about934Ten thousand barrels, the largest increase in six weeks. This to some extent indicates a decline in the current market demand for crude oil, leading to a corresponding decline in oil prices,WTICrude oil once stood up82The US dollar, however, experienced a significant decline during the US market period.
• IEADownregulation2024Expected annual production: International Energy Agency（IEA）Previously stated that global oil demand growth is losing momentum and has been lowered2024Expected global oil production for the year.IEAExpected,2024The growth of global oil demand will slow down to12210000 barrels/Japan's growth rate is about half of last year's, partly due to a significant slowdown in Chinese consumption.
  

technical analysis

Daily chart analysis

（WTIDaily chart of crude oil, sourceUltima Markets MT4）

• Random oscillation indexYesterday, after sending a bearish signal last week, the index slowly declined, and this week's rebound in oil prices has temporarily left the indicator in a phase of unclear bullish and bearish directions. If oil prices fall again today with a clear indicator of the downward trend, then oil prices will at least look towards79.4Around the US dollar.
• Rising Wedge ：WTICrude oil from1At the end of the month, an upward wedge was formed, and theoretically, if the market falls below the lower edge of the wedge, it will at least experience a deep downward adjustment. After breaking through the resistance line last week, there was a potential retracement pattern yesterday. If it falls below Monday's low today, the probability of crude oil being short will increase significantly.
  

1Hour chart analysis

（WTICrude oil1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator is about to send a bullish signal in the oversold area, indicating that the downward trend that started yesterday in the US market may take a break, and is wary of the volatility and rebound of oil prices during the Asian session.
• Intraday trend direction: Oil prices have continuously broken through the downward channel line, black65Period and dashed line200The moving support moving average formed by the combination of cycles, as well as the upward trend line. The strong downward trend has opened up the space below, with the target looking towards Fibonacci's proportional height.
  

Trading CentralHub Line Indicators

（WTICrude oil30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day81.80，
• 81.80Upward bullish, first goal82.25Second objective82.60
• 81.80Under bearish, first target80.80Second objective80.40
  

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.