Ultima Markets[Market Analysis] The oil price situation is not good, pay attention to it38.2%Withdrawal occurs

todayUltimaMarkets Bringing you 2024year 1month 3dayWTIcrude oilIn depth analysis.

Fundamental points

• geopolitical tensions Investors are concerned about whether the geopolitical situation in the Red Sea will continue to escalate. Sunk by the US Navy3After carrying out armed small boats, Britain is considering launching airstrikes on the targets of the House armed forces. Be wary of this week's crude oil andgoldAbnormal fluctuations of.
• OvercapacityOil prices fell nearly in the fourth quarter of last year20%Record supply from the United States and other countries offset OPEC+The impact of production reduction measures. It is expected that the growth of oil consumption will significantly slow down this year, which has led to predictions of oversupply.
  

technical analysis

Daily chart analysis

（WTICrude oil daily chart, sourceUltima Markets MT4）

• Random oscillation indexIndicator Express will enter50Below the median line, the rapid downward trend suggests that crude oil will continue its downward trend.
• bareKstructureYesterday, oil prices rose rapidly and stepped back on red33The daily moving average quickly fell after failing to break through, breaking through the cross star low point, with bears taking the upper hand.
  

1Hour chart analysis

（WTIcrude oil1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator has entered the oversold area, indicating that the current short positions are too crowded, and the Asian session may see a short-term consolidation and correction.
• Fibonacci retreatCrude oil quickly fell to the lower edge of the downward channel yesterday, and the overall trend is hindered and will enter a correction phase in the short term. Usually, the direction of a rapid trend correction is38.2%Retreat the area.
  

Trading CentralHub Line Indicators

（WTIcrude oil30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day71.25，
• 71.25Upward bullish, first goal71.70Second objective72.20
• 71.25Under bearish, first target69.55Second objective69.00
  

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.