Focus on WTI OIL today – 8th AUG 2024
TOPICS
Willy
August 8, 2024 at 10:51 am
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the WTI OIL for AUG 8 2024.
Key Takeaways
- Potential risks: Yesterday, Egypt, the United Kingdom and other countries successively issued rare and abnormal no-fly alerts, instructing all airlines to avoid Iranian airspace for 3 hours during the Thursday period. This may be a potential large-scale retaliation by Iran. Concerns about the escalating geopolitical situation in the Middle East support the upward trend of oil prices.
- EIA data: EIA data showed that crude oil inventories fell by 3.728 million barrels, making the sixth consecutive week of decline, the longest consecutive decline since January 2022, underscoring strong US crude oil consumption.
Technical Analysis
Daily Chart Insights
- Stochastic oscillator: The indicator sends a bullish signal in the oversold area and forms a bottom divergence pattern with oil prices, suggesting that the short-term bullish momentum is currently dominant. It is necessary to be vigilant that the indicator is still entangled in oscillation, and it is not possible to arbitrarily judge that the reversal trend is coming.
- Resistance price: Oil prices began to rise after hitting the previous low this week, but the downward trend remains intact, maintaining a predominantly bearish outlook. At present, oil prices have entered the middle of the fair value gap of the previous decline. Pay attention to whether there are signs of resistance to decline. If it continues to break, pay attention to the red 33-day MA.
H1 Chart Insights
- Stochastic Oscillator: The indicator has left the overbought area, and the entangled oscillation has once again issued a short signal, suggesting that the current short-term bulls and bears are still in the game stage. If the indicator still does not show signs of rapid decline, it is necessary to be alert to the probability that oil prices will continue to rise.
- Resistance suppression: The green 200-period MA has become the key resistance price of WTI crude oil, and the price is also near the upper edge of the upward channel line. It is worth noting that the short-term MA group below has issued a long signal. The clear trend direction of oil prices needs to be confirmed after the oil price breaks through the MA resistance in any direction.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 74.40,
- Bullish Scenario: Bullish sentiment prevails above 74.40, first target 76.50, second target 77.25;
- Bearish Outlook: In a bearish scenario below 74.40, first target 73.80, second target 73.05.
Conclusion
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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company.
Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals.
Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars.
Read his latest market analyses on the Ultima Markets News & Analysis.