Crude oil futures dropped slightly by 0.11% to Rs 6,346 per barrel due to reduced demand, as traders adjusted their positions. On the global front, West Texas Intermediate (WTI) crude oil remained stable at $75.53 per barrel, while Brent crude saw a minor increase of 0.14% to $79.44 per barrel in New York. Overall, the market is experiencing minimal fluctuations amid cautious trading.
XBRUSD – D1 Timeframe
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Brent Oil on the 4-hour timeframe is currently playing out exactly as analyzed over the past couple of weeks; the bearish move began from the 76% retest of the Fibonacci retracement tool, the trendline resistance, and the moving average resistance from the 200-period moving average. I do not think the bearish momentum is ready to wane just yet, as I would expect price to take out the recent low to create a lower low.
Analyst’s Expectations:
Direction: Bearish
Target: 75.90
Invalidation: 82.80
XTIUSD – D1 Timeframe
The price action on West Texas Intermediate (WTI) perfectly mirrors all the details from our analysis of XBRUSD above. In the same manner, I would expect price to create a new lower low; as is customary in a downtrend. It would be unwise to seek buying opportunities just yet, at least, not until price confirms a change in the trend.
Analyst’s Expectations:
Direction: Bearish
Target: 71.75
Invalidation: 79.25
CONCLUSION
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