WTI OIL Analysis: WTI crude oil under pressure to move downward

Fundamental Analysis of WTI OILWTI OIL Key Takeaways

• OPEC+ production increase: On March 3, OPEC+ announced on Monday that it had decided to continue to increase oil production in April as planned. This is the first increase in production by the OPEC+ group, including the Organization of Petroleum Exporting Countries (OPEC) and Russia and other allies, since 2022.
• Reduced market confidence: Recently, since mid-January, oil prices have continued to fall due to weak demand and concerns about the chain reaction of President Trump’s trade policies. At the same time, the Trump administration’s threats to launch trade frictions on multiple fronts have exacerbated market uncertainty. The US tariff policy on China is about to take effect, and the market is closely watching possible retaliatory measures.

Technical Analysis of WTI OIL Daily and Hourly ChartsWTI OIL Daily Chart Insights

(WTI OIL Daily Price Chart, Source: Ultima Markets MT4)

• Stochastic oscillator: The indicator sends a short signal below the 50 median line, suggesting that the short-term bullish force has subsided. The indicator has not yet entered the oversold area, and the WTI crude oil price is still at risk of continuing to fall.
• Key support: This week, WTI crude oil prices fell below the key support price of $70.5 and stepped back to resistance. After breaking through yesterday’s low today, the target below is around the 67.037 level.

WTI OIL H1 Chart Analysis

(WTI OIL H1 Price Chart, Source: Ultima Markets MT4)

• Stochastic oscillator: The indicator sends a short signal again below the 50 median line, and has not yet formed a bottom divergence with the new low market price. Be alert to the subsequent rebound adjustment of WTI crude oil prices.
• Upper resistance: Although the current price has not fallen below yesterday’s low, based on the strong downward trend, priority should be given to short-selling opportunities. The oil price rebound target is the purple 13-period moving average, which is also near yesterday’s adjustment high.

Pivot Indicator Insights for WTI OIL

(WTI OIL M30 Price Chart, Source: Ultima Markets APP)

• According to Pivot Indicator in Ultima Markets APP, the central price of the day is established at 68.85,
• Bullish Scenario: Bullish sentiment prevails above 68.85, first target 69.30, second target 69.80;
• Bearish Outlook: In a bearish scenario below 68.85, first target 67.85, second target 67.00.

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