Sep 29, 2022, 08:00AM+7:00

VOT Research Desk

Analytical Viewpoint

The price of WTI crude oil increased 5% on Wednesday, marking the greatest daily movement in more than 4 months. However, its ascent was not an isolated occurrence. Over the last 24 hours, a number of assets have surged on different financial markets in a coordinated systemic move.

WTI has moved higher for a second day in a row on the daily chart after rebounding from the 78.6% Fibonacci retracement at 76.787. The 20- and 50-day Simple Moving Averages are still below WTI (SMAs).

 The latter might continue to act as significant resistance, keeping the overall downward focus.

The 61.696 – 65.6 support zones, which have its beginnings in May 2021, becomes exposed with confirmation of a breakout under the 78.6% barrier.

Sep 28, 2022, 09:00AM+7:00

VOT Research Desk

Analytical Viewpoint Crude Oil

As it breaks the string of lower highs and lows from last week, the price of oil rises from a new monthly low ($76.25). Crude may stage a greater rebound over the next few days as long as the Relative Strength Index (RSI) remains above 30.

After reversing ahead of the 50-Day SMA ($90.32), the price of gold trades at a new monthly low ($76.25), and crude is vulnerable to further declines given the moving average’s negative slope.

The Relative Strength Index (RSI) is moving away from oversold territory, and crude has failed to extend the sequence of lower highs and lows from last week after the failed attempt to break/close below the $76.50 (50% retracement) to $76.90 (50% retracement) region. However, the price of oil appears to be reversing ahead of the January low ($74.27), as the RSI moves away from oversold territory.

The price of oil may rise back towards the $84.20 (78.6% expansion) to $84.60 (78.6% expansion) region if it moves back over the Fibonacci overlap at $78.50 (61.8% expansion) to $79.80 (61.8% expansion), with the next area of interest coming in around $88.10 (23.6% expansion).

Sep 22, 2022 9:00AM +07:00

VOT Research Desk

Technical Examination:

Daily Pivots: (S1) 83.22; (P) 83.39; (R1) 83.72;

As the price of oil trades back below the $84.20 (78.6% expansion) to $84.60 (78.6% expansion) region and moves below the monthly low ($81.20), the Fibonacci overlap around $78.50 (61.8% expansion) to $79.80 (61.8% expansion) becomes visible.

 The price of oil appears to have reversed course ahead of the 50-Day SMA ($91.27).

The range between $76.50 (50% retracement) and $76.90 (50% retracement) is the next area of attention, followed by the area between $73.20 (38.2% expansion) and $74.40 (50% expansion), which corresponds to the January low ($74.27).

However, if the price of oil stays above the monthly low ($81.20), it may experience range-bound conditions.

 To put the $88.10 (23.6% expansion) area back on the radar, the price of oil needs to close above the $84.20 (78.6% expansion) to $84.60 region.