Naked Chart Trading: WTI Crude Oil 8 Apr 2024

Can $Crude Oil Futures(JUN4)(CLmain.US)$ revisit above USD100 per barrel again?

Raising supply risk had been pushed WTI crude oil prices from below USD70 to above USD80 in just few months

I did some analysis on $Crude Oil Futures(JUN4)(CLmain.US)$ weekly chart:

WTI crude oil prices had been traded in a wide range from around USD65-USD95 but it posted higher highs and lows continuously since Dec 2023, marked a short term strong bull wave

According to Fibo retracement that I drawed from Covid low in Apr 2020 to its peak at around USD130 in Mar 2022, WTI crude oil prices rebounded twice from 50% level since its fall after the peak. So watch out for the potential double bottom bullish signal if it able to sustain above USD95 level

Resistance
Expect to see WTI crude oil prices not able to form a breakout from its wide trading range, immediate resistance level will be seen at aroudn USD95

Support
Immediate support will be at trading range low, which is also 50% Fibo retracement level of around USD67, followed by previous low from USD56-USD62 level

On top of that, I see some correlation whereby rise in $Crude Oil Futures(JUN4)(CLmain.US)$ sent Malaysia's Crude palm Oil prices $Crude Palm Oil Futures(JUL4)(FCPOmain.MY)$ higher as well, so I will watch out for Malaysia energy and plantation stocks:

Bursa Energy & Plantation indexes had been closed at more than 1 year high last week. Their component stocks included:

Energy
1. $DIALOG(7277.MY)$
2. $YINSON(7293.MY)$
3. $ARMADA(5210.MY)$
4. $DAYANG(5141.MY)$
5. $VELESTO(5243.MY)$

Plantation
1. $SIMEPLT(5285.MY)$
2. $IOICORP(1961.MY)$
3. $FGV(5222.MY)$
4. $SOP(5126.MY)$
5. $KMLOONG(5027.MY)$

Will rise in $Crude Oil Futures(JUN4)(CLmain.US)$ boost Bursa energy & plantation stocks like above further?

Disclaimer
This content is for reference only and does not constitute any investment advice, past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.