<\/a><\/p>\n\n\n\nWTI Crude Oil (USOIL) Daily Chart<\/p>\n\n\n\n
WTI crude oil (USOIL) turned lower from the $94 area at the start of the week and hasn\u2019t had a good day since.<\/p>\n\n\n\n
And why not? Not only did the $94 resistance line up with the 38.2%\u00a0Fibonacci retracement\u00a0of 2022\u2019s big downswing, it was also around an area of interest that bulls and bears have been minding for all of this year.<\/p>\n\n\n\n
The daily time frame\u2019s\u00a0technical indicators\u00a0aren\u2019t exactly putting out bullish vibes either.The 100 SMA just crossed below the 200 SMA, indicating that shorter-term swings are more bearish than its longer-term trends.<\/p>\n\n\n\n
And then there\u2019s the\u00a0hidden bearish divergence\u00a0on the chart that\u2019s pointing to a continuation of the daily chart\u2019s downtrend.<\/p>\n\n\n\n
Oil bulls will need a significant market event if WTI oil prices are to maintain any bullish\u00a0momentum. That might happen someday, but probably not today.<\/p>\n\n\n\n
Lower demand from the U.S. and China \u2013 the world\u2019s largest and second-largest economies \u2013 factored in the OPEC and the U.S. Energy Department downgrading their demand expectations for 2022 AND 2023 this week.<\/p>\n\n\n\n
Meanwhile, a recent report showed U.S. crude stockpiles jumping by more than 7 million barrels last week.<\/p>\n\n\n\n
Last but not least, the Fed\u2019s meeting minutes reflected the members\u2019 commitment to raising rates and keeping them high to combat inflation.<\/p>\n\n\n\n
Trend traders\u00a0can take advantage of the strong bearish candlesticks and jump on WTI\u2019s\u00a0downtrend\u00a0until it sees hesitation or bullish daily candlesticks.<\/p>\n\n\n\n
September\u2019s $76.30 lows is a good target though oil prices could find support from the $85.00 area of interest.<\/p>\n\n\n\n
If you\u2019d rather buy oil this week, then you\u2019ll want to do it on shorter time frames where WTI is reacting to moving averages and Fibonacci support levels.<\/p>\n\n\n\n
Good luck and good trading this one!<\/p>\n","protected":false},"excerpt":{"rendered":"
Who do you think is having a worse week? Ye whose brand Yeezy got canceled by its bank JP Morgan Chase? Or\u00a0OPEC+ members who are looking at today\u2019s U.S. crude oil prices? I\u2019m sure we\u2019ll soon find out how Ye feels about JP Morgan Chase but for now OPEC+ members must NOT be liking the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10093"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=10093"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10093\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=10093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=10093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=10093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![<\/a><\/p>\n\n\n\nWTI Crude Oil (USOIL) Daily Chart<\/p>\n\n\n\nWTI crude oil (USOIL) turned lower from the $94 area at the start of the week and hasn\u2019t had a good day since.<\/p>\n\n\n\nAnd why not? Not only did the $94 resistance line up with the 38.2%\u00a0Fibonacci retracement\u00a0of 2022\u2019s big downswing, it was also around an area of interest that bulls and bears have been minding for all of this year.<\/p>\n\n\n\nThe daily time frame\u2019s\u00a0technical indicators\u00a0aren\u2019t exactly putting out bullish vibes either.The 100 SMA just crossed below the 200 SMA, indicating that shorter-term swings are more bearish than its longer-term trends.<\/p>\n\n\n\nAnd then there\u2019s the\u00a0hidden bearish divergence\u00a0on the chart that\u2019s pointing to a continuation of the daily chart\u2019s downtrend.<\/p>\n\n\n\nOil bulls will need a significant market event if WTI oil prices are to maintain any bullish\u00a0momentum. That might happen someday, but probably not today.<\/p>\n\n\n\nLower demand from the U.S. and China \u2013 the world\u2019s largest and second-largest economies \u2013 factored in the OPEC and the U.S. Energy Department downgrading their demand expectations for 2022 AND 2023 this week.<\/p>\n\n\n\nMeanwhile, a recent report showed U.S. crude stockpiles jumping by more than 7 million barrels last week.<\/p>\n\n\n\nLast but not least, the Fed\u2019s meeting minutes reflected the members\u2019 commitment to raising rates and keeping them high to combat inflation.<\/p>\n\n\n\nTrend traders\u00a0can take advantage of the strong bearish candlesticks and jump on WTI\u2019s\u00a0downtrend\u00a0until it sees hesitation or bullish daily candlesticks.<\/p>\n\n\n\nSeptember\u2019s $76.30 lows is a good target though oil prices could find support from the $85.00 area of interest.<\/p>\n\n\n\nIf you\u2019d rather buy oil this week, then you\u2019ll want to do it on shorter time frames where WTI is reacting to moving averages and Fibonacci support levels.<\/p>\n\n\n\nGood luck and good trading this one!<\/p>\n","protected":false},"excerpt":{"rendered":"Who do you think is having a worse week? Ye whose brand Yeezy got canceled by its bank JP Morgan Chase? Or\u00a0OPEC+ members who are looking at today\u2019s U.S. crude oil prices? I\u2019m sure we\u2019ll soon find out how Ye feels about JP Morgan Chase but for now OPEC+ members must NOT be liking the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10093"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=10093"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10093\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=10093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=10093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=10093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/bpcdn.co\/images\/2022\/10\/12223626\/WTI.png\"){kind=link}