Range trading
The market's reaction to OPEC+'s announcement of voluntary production cuts was a further decline in oil prices. According to reports, investors were pessimistic about crude oil ahead of the OPEC+ meeting and had already priced in their expectations that production cuts would not be enough to push oil prices higher.
The market's economic recession and investors' disappointed attitude towards crude oil have caused oil prices to continue to fall despite production cuts.
At present, crude oil pays attention to the resistance level of 75 and the support level of 72. The current market situation is still range trading and there will be no one-sided situation.
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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.