Crude Oil Market Analysis:
Crude oil has recently started to decline on the daily chart, with a larger drop than before. Previously, the declines were smaller, but recently the fall has accelerated. Sell on any rebounds. Pay attention to the resistance around 61.40. The daily moving averages are starting to diverge. A break below 55 would trigger a major daily downtrend. Currently, the market is experiencing a volatile decline.
Fundamental Analysis:
Recent comments from Federal Reserve officials have signaled continued interest rate cuts. It is expected that the rapid easing policy will continue, which will support further buying and upward movement in gold.
Trading Recommendation:
Crude Oil – Sell around 61.50, target 58.00-56.00
Crude oil has recently started to decline on the daily chart, with a larger drop than before. Previously, the declines were smaller, but recently the fall has accelerated. Sell on any rebounds. Pay attention to the resistance around 61.40. The daily moving averages are starting to diverge. A break below 55 would trigger a major daily downtrend. Currently, the market is experiencing a volatile decline.
Fundamental Analysis:
Recent comments from Federal Reserve officials have signaled continued interest rate cuts. It is expected that the rapid easing policy will continue, which will support further buying and upward movement in gold.
Trading Recommendation:
Crude Oil – Sell around 61.50, target 58.00-56.00
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.