https://www.tradingview.com/x/X81NESD0/
💡Message Strategy
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) met at their headquarters in Vienna on Wednesday to assess the current oil market situation. WTI crude oil prices climbed above $62 as OPEC+ said there would be no immediate change to current production policies.
📊Technical aspects
From the daily chart level, the medium-term moving average system suppresses the rebound of oil prices, and the medium-term objective trend is downward. After the oil price hit the low point of 55.20, the frequent alternation of long and short positions formed, and the embryonic form of a falling flag relay appeared from the shape. Pay attention to the strength of the oil price testing the upper edge of the flag. It is expected that after the medium-term trend fluctuates, it will still rise to the 64 position.
The short-term (1H) trend of crude oil fluctuates upward, and the oil price breaks through the 62.5 resistance level. The moving average system diverges and arranges upward, and the short-term objective trend direction is upward. In terms of momentum, the MACD indicator is above the zero axis and the golden cross opens upward, and the bullish momentum is sufficient. It is expected that the crude oil trend will continue to rise within the day.
💰 Strategy Package
Long Position: 61.20-62.00
💡Message Strategy
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) met at their headquarters in Vienna on Wednesday to assess the current oil market situation. WTI crude oil prices climbed above $62 as OPEC+ said there would be no immediate change to current production policies.
📊Technical aspects
From the daily chart level, the medium-term moving average system suppresses the rebound of oil prices, and the medium-term objective trend is downward. After the oil price hit the low point of 55.20, the frequent alternation of long and short positions formed, and the embryonic form of a falling flag relay appeared from the shape. Pay attention to the strength of the oil price testing the upper edge of the flag. It is expected that after the medium-term trend fluctuates, it will still rise to the 64 position.
The short-term (1H) trend of crude oil fluctuates upward, and the oil price breaks through the 62.5 resistance level. The moving average system diverges and arranges upward, and the short-term objective trend direction is upward. In terms of momentum, the MACD indicator is above the zero axis and the golden cross opens upward, and the bullish momentum is sufficient. It is expected that the crude oil trend will continue to rise within the day.
💰 Strategy Package
Long Position: 61.20-62.00
Trade active
Crude oil is rising
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
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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.
Every opening of a position is a dialogue with probability, and every transaction is the realization of cognition.
Related publications
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.