Ultima MarketsMarket analysis: The suppression of the moving average has once again succeeded, and oil prices remain stable in the short term...

todayUltimaMarkets Bringing you 2024year 1month 9dayWTIcrude oilIn depth analysis.

Fundamental points

• Fund managers are bearish on oil pricesThe increase in inventory, the increase in OPEC and non OPEC oil production, and Saudi Arabia's reduction in official crude oil prices yesterday have put pressure on crude oil prices due to multiple fundamentals. The position report shows that fund managers have significantly increased Brent crude oil andWTIThe short position in crude oil increased by2017The second highest since the beginning of the year.
• Geopolitical support for oil pricesThe short-term escalation of geopolitical tensions in the Middle East has raised supply concerns, and the geopolitical risks in the Middle East have intensified after the armed attack on Red Sea vessels by the Yemeni Husai. This to some extent means that the short-term downward space for oil prices may be limited.
  

technical analysis

Daily chart analysis

（WTICrude oil daily chart, sourceUltima Markets MT4）

• Random oscillation index: Indicator in50The median line once again sends a bearish signal, indicating that the downward trend is not yet over and will continue to fluctuate downward.
• 33Daily moving averageThe exchange rate touched yesterday33Rapid decline after daily moving average, falling below1month4A candlestick chart of a cross shaped star formed by the sun. And before that33The daily moving average has blocked further rebound in oil prices, indicating that oil prices have not yet reached the time for bulls to intervene.
  

1Hour chart analysis

（WTIcrude oil1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexWhen oil prices rapidly declined, the indicators did not show an oversold trend and formed a bottom divergence. During today's Asian session, oil prices may rebound as the main trend.
• Fibonacci retracementYesterday's rapid downward trend saw a theoretical pullback position38.2%Fibonacci position, which is also black33Around the cyclical moving average. It is worth noting that if oil prices break through such multiple resistance levels, one should be vigilant about whether oil prices will experience a reversal.
  

Trading CentralHub Line Indicators

（WTIcrude oil30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day71.30，
• 71.30Upward bullish, first goal72.00Second objective72.60
• 71.30Under bearish, first target70.10Second objective69.45
  

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.Ultima MarketsReasonable 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.