📈 Forex Signal Trade Direction: BULLISH
Fundamental Analysis: Recent API data showed a smaller than anticipated build in U.S. crude inventories, with an addition of 1.335 million barrels.
This increase is part of a larger trend, totaling an 11.9 million barrel build this year. The DoE reported no changes in the SPR, maintaining a near 40-year low.
Despite a governmental push for green energy, U.S. oil production is projected to reach record highs in 2023, with robust output seen in October. These factors may support oil prices due to a strong supply base.
Forex Signal Trade Probability: 70%
This bullish perspective incorporates technical analysis and fundamental aspects.
The market anticipates the upcoming data release on crude oil inventories, which is expected to show a 2.5 million barrel increase. This data could cause volatility in oil prices.
📊 Yesterday's Trend: The upward trend from the previous day suggests a bullish continuation.
🔰 Pivot Point: 79.40
WTI is trading above the pivot point, indicating support for the bullish trend.
Volatility: The Bollinger Bands show moderate volatility, allowing for significant price movements.
Moving Average (MA): The price above the 20-period SMA suggests a bullish sentiment. Ichimoku: A break above the Ichimoku cloud further confirms bullish momentum.
RSI: The RSI above the mid-line indicates continued bullish momentum, without being overbought.
🎯 Targets for Taking Profits:
1st Resistance: 80.55 (Initial target for profit-taking, assess for potential breakouts)
2nd Resistance: 81.32 (Further profit-taking potential upon continued bullish movement)
3rd Resistance: Aim for the next psychological level past 81.32, likely at a round number or a previous high.
❌ Stop Loss Guidelines:
Buy: Set a stop loss just below the recent swing low or first significant support at 78.63 to protect against
Consider initiating a long position with the price above the pivot point. Monitor the resistance levels to scale profits, and keep an eye on the RSI for signs of overbought conditions, which could indicate a pullback. Adjust stop-loss orders proactively to safeguard gains.
The upcoming crude oil inventories release should be closely watched, as it may impact the trade direction and require prompt risk management adjustments.
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