Ultima MarketsMarket analysis: Crude oil demand is bullish, but short-term downward pressure

todayUltimaMarkets Bringing you 2024year 4month 12OfWTIcrude oilIn depth analysis.

Fundamental points

• OPEC Monthly ReportMaintain in monthly report2024Year and2025The annual global crude oil demand growth rate is expected to be225and18510000 barrels/The day remains unchanged. Before OPEC releases its latest report, crude oilfuturesLast week soared to last year10The highest level since the beginning of the month, the escalating tensions in the Middle East and Eastern Europe, and the prospect of supply tightening in the coming months have driven bullish sentiment.
• Demand expectations have been raisedPreviously, the US Energy Information Administration(EIA)Upregulation of global demand estimates, in line with the International Energy Agency(IEA)The predicted quantity is basically consistent. This forecast comes as the world's largest oil trader is becoming increasingly optimistic about the market outlook for the second half of this year.
  

technical analysis

Daily chart analysis

（WTIDaily chart of crude oil, sourceUltima Markets MT4）

• Random oscillation indexThe indicator issued a bearish signal in the overbought area yesterday, indicating downward pressure on the market price. However, based on the fact that the trend of oil prices has not shown a significant downward structure, the market is more likely to be adjusted.
• Upward channel line: Oil price from3Touching red in mid month33After the daily moving average, moving away from the moving average along the way forms an upward channel line. It is highly likely that the exchange rate will fall below the channel line after confirmation of entering the adjustment stage, achieving33Mean regression of daily moving averages.
  

4Hour chart analysis

（WTICrude oil4Hour chart, sourceUltima Markets MT4）

• Random oscillation indexAfter the indicators left the oversold area yesterday,50Above the median line, another bearish signal has been issued, indicating that short-term oil prices may end with a rebound and are about to begin a decline. It is worth switching to smaller cycles to seek trading signals.
• Building top structureOil prices in black65The cyclical moving average is obstructed and adjusted, but each rebound peak does not exceed the previous point, forming a green downward trend line. If it falls below the support of the moving average, oil prices may start a deep adjustment.
  

Trading CentralHub Line Indicators

（WTICrude oil30Minute chart, sourceUltima Markets APP）

• l according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day85.95，
• l 85.95Upward bullish, first goal86.60Second objective87.00
• l 85.95Under bearish, first target84.90Second objective84.55
  

Disclaimers

The comments, news, research, analysis, prices, and other data contained in this article can only be considered as general market information and are only provided 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.Ultima MarketsWe 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 data.