A technical outlook for the week ahead! -------------------------------------------------------------------- Please, support my work with a like, thank you!
Crude oil fell sharply at the beginning of last week and fell to 63.6. The main reason for this abnormal phenomenon is that the demand for crude oil was affected by the economic recession. Based on the previous news, the main reason for the decline of US oil may be related to the recent news. Too light. After OPEC announced its production cut plan in early April,...
In terms of crude oil, the daily line rebounded on Friday, and the previous low of 64.1 had strong first-line support, forming a double-bottom pattern. Crude oil on Monday focuses on the position above 70.0, with a stop loss of 69.2, and the target is above 72.6-73.0; sell backhand empty orders near the pressure line of 73.8 above!
At present, oil continues to fluctuate in the 70-83 region. Last month, OPEC suddenly announced a production cut and opened higher. After a month of fluctuation, the gap was finally filled last week. Then the top-bottom conversion to the 75.7-75 region has become an important support in the short term. As for crude oil short orders, there is no rush to participate...
Because of market concerns about the recession, the demand for crude oil has been hit to a large extent. Then the acceptable price of crude oil in the cycle of slow economic development is in the 70-65 area. People familiar with the crude oil market must know that crude oil basically fluctuated in the 70-82 area in the early stage. Judging from this, crude oil...
Technical Analysis: - Crude Oil(CL) is still doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart - We present two possible Paths - For Path 1 in Black with 65% probability. We expect that the correction will be completed at around HKEX:53 -56 where the smart buyers can appear - For Path 2 in Blue with 35% probability, We expect that the correction...
Because of the impact of the banking crisis and the U.S. debt ceiling issue, the risk that the economy may fall into recession has been exacerbated, and U.S. data show that consumer confidence is insufficient, which is a very big blow to the demand for crude oil, causing crude oil to plummet in the short term and completely make up for the technical gap. Can crude...
Technical Analysis: - Crude Oil(CL) is doing a ((W)) ((X)) ((Y)) correction structure in Daily Chart - We expect that the correction will be completed at around HKEX:50 -55 where the smart buyers will appear - In short term, It's doing wave ((X)) in black once it's done we can forecast the entry area more precisely - H1 & H4 right side are turning up ...
On the news side, the IEA monthly report on Friday was released. The International Energy Agency said in its monthly report on Friday that world oil demand will grow to 2 million barrels per day in 2023; on the supply side, OPEC+ production cuts may lead to supply shortages in the second half of the year, which also restricts the decline in oil prices to a certain...
Technical Analysis: - As you can see in the chart, the medium term correction is finished in the wave II in red. Now we expect that CL(Crude Oil) goes up at least in 3 waves to around $105 - H1 & H4 Right Side are Up - CL seems strong in short term Technical Information: - We like to buy CL in wave (2) in blue around $77 as hedging
Although the major oil-producing countries have implemented production cuts to give some support to crude oil, the demand for crude oil is not too strong because the economic recovery may be much slower than originally expected.Because when market demand surges, OPEC does not need to cut production significantly, so oil prices may not rise further, but will...
02 Apr 23 OPEC+ made a surprise announcement to reduce its production starting May. The direction of the commodities price is always about supply and demand. With the China opening, there will be an increase in the demand for crude. The reduction on its production will likely cause crude to trend much higher. Video explained why crude to break above USD106. ...
Saudi Arabia and other OPEC+ oil-producing countries announced further production cuts of about 1.16 million barrels per day on Sunday, which provided strong upward momentum for oil prices. They opened directly higher during the day and are currently slightly lower, trading near US 80.47. Judging from the trend of crude oil, the high price this morning just...
The decline in U.S. crude oil inventories and the suspension of exports from the Kurdistan region of Iraq have supported the upward trend in oil prices, overshadowing the smaller-than-expected pressure on Russia's supply cuts.At the same time, five OPEC+ representatives said that the alliance may stick to the existing oil production reduction agreement at Monday's...
Judging from the trend of crude oil, since crude oil rebounded above 74, the technical bullish signal has been significantly strengthened.However, although the current oil price has returned to the range of the box, on the whole, the current price has basically touched the vicinity of the pressure zone of the previous box shock.In addition, judging from the...
Because the banking crisis has temporarily eased, supply disruptions in northern Iraq have exacerbated supply tensions, and signs of increased demand from China have provided stronger support for oil prices. Judging from the trend of crude oil, after yesterday's sharp rise in oil prices, it rebounded to above US 70, and the technical bullish signal was...
MCX:CRUDEOIL1! broke down a major support zone and now that support zone acting as a major resistance zone . upcoming strong support zone 4705-4200. upcoming trend will be sideways to downtrend. Disclaimer - This chart analysis is only for educational purpose. Do proper research before trade/investment or consult with your financial advisor. This expressed...
YOU will have the opportunity of buy and sell. just wait for the momentum change on small time frame. price has to come down in order to take orders and take new bees stop losses. follow the trades and enjoy.. Happy trading