Panjang

Crude oil range trading

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Oil prices rebounded by 2% last Friday, and market sentiment has improved. However, what impressed investors more deeply in the past week was the sharp decline in oil prices in the first half of the week. The rapid decline in oil prices broke through the lower edge support of the high range created by OPEC+ production cuts and the Palestinian-Israeli conflict, thus fully venting pessimism.

The next key test for oil prices will be whether OPEC+, especially Saudi Arabia, will decide to extend the existing voluntary production cuts to the first quarter of next year or even longer at the OPEC meeting in December.

At present, crude oil tends to trade in a range. The upper resistance is 77.5, and the lower support is 75.
Overall bullish

Dagangan aktif

Nota

74-78

Nota

75-80

Dagangan aktif

Nota

79.6 go short

Nota

78.3 now

Nota

The current market is in the process of determining the direction to correct. This is also a dangerous moment

Nota

rebound

Anthony-Ryan

Penerbitan berkaitan

Crude oil prices have reached bottom

oleh Anthony-Ryan

Penafian

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