Trust me, this analysis looks great!
Updated
Hello, trader.
OPEC Secretary-General Haitham Al-Ghais stated at the St. Petersburg International Economic Forum on Thursday that oil demand remains resilient. "It's crucial to stay focused on the fundamentals," he emphasized. "Economic growth, supply, and demand are what drive our decisions."
Al-Ghais noted that global demand increased by 2.3 million barrels per day in the first quarter, typically the weakest quarter due to global refinery maintenance. He anticipates continued strong demand in the coming months, particularly with the uptick in summer travel.
Saudi Energy Minister Dismisses Bearish Response to OPEC+ Deal, Confident Market Will Adjust
Saudi Energy Minister Prince Abdulaziz bin Salman dismissed the market's bearish reaction to OPEC+'s decision to gradually phase out voluntary output cuts, expressing confidence that the market will adjust. "Give it a day or two, reality will set in," he stated at the St. Petersburg International Economic Forum on Thursday. He criticized some banks and media outlets for their narratives around the meeting and reaffirmed that OPEC+ made the right decision. "I know that we did the best job," he asserted.
The OPEC+ meeting initially triggered an oil selloff, exacerbated by short selling and movements in the options market, as traders worried about potential oversupply. However, Abdulaziz emphasized that OPEC+ retains the flexibility to pause or reverse production increases based on market conditions.
OIL OUTLOOK
Oil prices increased early as we mentioned, recovering from a four-month low, which was the lowest point since February. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated.
Technically:
The price has stabilized within the bearish zone, having already corrected the previous barrier which is 75.39. This suggests a continuation of the bearish trend, with potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570. With potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570.
Conversely, if the price stabilizes above 75.400, it may indicate a bullish trend, potentially reaching up to 78.070.
Pivot line: 75.390
Support lines: 72.50, 70.57, 68.12
Resistance lines: 76.80, 78.07, 79.35
The movement range will be between support 70.57 and Resistance 76.80. The movement range will be between support 70.57 and resistance 76.80
OPEC Secretary-General Haitham Al-Ghais stated at the St. Petersburg International Economic Forum on Thursday that oil demand remains resilient. "It's crucial to stay focused on the fundamentals," he emphasized. "Economic growth, supply, and demand are what drive our decisions."
Al-Ghais noted that global demand increased by 2.3 million barrels per day in the first quarter, typically the weakest quarter due to global refinery maintenance. He anticipates continued strong demand in the coming months, particularly with the uptick in summer travel.
Saudi Energy Minister Dismisses Bearish Response to OPEC+ Deal, Confident Market Will Adjust
Saudi Energy Minister Prince Abdulaziz bin Salman dismissed the market's bearish reaction to OPEC+'s decision to gradually phase out voluntary output cuts, expressing confidence that the market will adjust. "Give it a day or two, reality will set in," he stated at the St. Petersburg International Economic Forum on Thursday. He criticized some banks and media outlets for their narratives around the meeting and reaffirmed that OPEC+ made the right decision. "I know that we did the best job," he asserted.
The OPEC+ meeting initially triggered an oil selloff, exacerbated by short selling and movements in the options market, as traders worried about potential oversupply. However, Abdulaziz emphasized that OPEC+ retains the flexibility to pause or reverse production increases based on market conditions.
OIL OUTLOOK
Oil prices increased early as we mentioned, recovering from a four-month low, which was the lowest point since February. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated.
Technically:
The price has stabilized within the bearish zone, having already corrected the previous barrier which is 75.39. This suggests a continuation of the bearish trend, with potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570. With potential targets at 72.500 and 70.570. A further break below 72.500 could lead the price down to 70.570.
Conversely, if the price stabilizes above 75.400, it may indicate a bullish trend, potentially reaching up to 78.070.
Pivot line: 75.390
Support lines: 72.50, 70.57, 68.12
Resistance lines: 76.80, 78.07, 79.35
The movement range will be between support 70.57 and Resistance 76.80. The movement range will be between support 70.57 and resistance 76.80
Trade active
Friends, hello, this week, the market fluctuated a lot, many friends because they could not control the risk, resulting in their accounts lost, or locked, I have also seen a lot of blind trading friends burned their accounts. You should know that opportunity and risk coexist, control the risk first, then control the profit. If you are currently losing money, or your account is locked, or you are a new trader, you can contact me. No matter what problem you have, no matter how much money you have, you can always get my help!Trade active
When trading, we tend to only buy and sell, but forget to set a stop loss, which will lead to a lot of losses in the trading account, and if it is more serious, it will even burn your account, we will publish a lot of accurate internal signals every day, if you are now trading alone, or you are a new trader, you can contact me, no matter how much money you have. You can have my help!Trade active
Many people don’t understand the purpose of my active trading. In fact, I also want to help more people get out of trouble. I have been in the industry for fifteen years and have seen too many people fall into troughs due to the ups and downs of the market. I am very I want to be able to contribute to everyone. If you are feeling distressed because your account is losing money or your account is locked, you can contact me. No matter how much money you have, you can get my help!Trade active
Every time I write an analysis, I hope my friends will learn something. In this market, beneath the surface of calm, there are actually rough waters. Many friends enter easily, but are often scarred. Many friends come to me for help every day. I hope I can help more people, just like my own positioning for this job is service. People are mutual, trust is the beginning of cooperation. No matter how much money you have, if your account is losing money, or your account is locked, or you are a new trader, you can contact me and I will help you!Trade active
If you are still trading alone and don't know what to do in the face of losses, maybe you can contact me, no matter how much money you have, I will help you!Trade active
Hello everyone, if you are a novice, come to me, I will teach you how to operate while learning; If your account is losing money, you can come to me and I will give you the latest signal. If you have been struggling in this market, scarred, you can also come to me, I am confident to help you regain confidence. If your account is locked, I will develop a reasonable strategy based on your entry point. What's more, no matter how much money you have, if you need help, you can contact me! Hope we can have the opportunity to cooperate!Trade active
If you are a new trader, the current situation continues to lose, profit is not ideal, you can contact me.We have live trading signal updates every day.
Trade active
Hello friends, because of the announcement of NFP, the market will usher in huge fluctuations next week, many friends because they can not control the risk, resulting in their own account losses, or locked, I also saw a lot of blind trading friends burned their accounts. You should know that opportunity and risk coexist, and control the risk first, then control the profit. If you are currently losing money, or your account is locked, or you are a new trader, you can contact me. No matter what problem you have, no matter how much money you have, you can always get my help!Trade active
If your latest deal doesn't go well, you can contact me. This will be the right choice for you. As long as your account has funds, I will make your account profit more than 400% within a week, maybe we need a chance to cooperateTrade active
Trade active
Have a good weekend, When trading, we tend to only buy and sell, but forget to set a stop loss, which will lead to a lot of losses in the trading account, and if it is more serious, it will even burn your account, we will publish a lot of accurate internal signals every day, if you are now trading alone, or you are a new trader, you can contact me, no matter how much money you have. You can have my help!Trade active
Have you made your trading plan for next week?Trade active
Hello everyone, we have made a profit plan for next week, the profit is expected to reach 400%, if you want to join, please do not hesitate to contact me!Trade active
As you can see, we made a huge profit in the gold trade last Friday based on the inside signals we knew in advance. If you want to know more signals and insider information, please do not hesitate to contact me!
Trade active
Many people don’t understand the purpose of my active trading. In fact, I also want to help more people get out of trouble. I have been in the industry for fifteen years and have seen too many people fall into troughs due to the ups and downs of the market. I am very I want to be able to contribute to everyone. If you are feeling distressed because your account is losing money or your account is locked, you can contact me. No matter how much money you have, you can get my help!Trade active
Hello friends, because of the announcement of NFP, the market will usher in huge fluctuations next week, many friends because they can not control the risk, resulting in their own account losses, or locked, I also saw a lot of blind trading friends burned their accounts. You should know that opportunity and risk coexist, and control the risk first, then control the profit. If you are currently losing money, or your account is locked, or you are a new trader, you can contact me. No matter what problem you have, no matter how much money you have, you can always get my help!Trade active
The profit this week reached 400%, which is a very generous profit. If you want to synchronize my transaction, you can contact me and I will help youTrade active
Don't mistake luck for strength. Many people have lost all their money because of this. Trading is not gambling. If you want to make profitable transactions, you can contact me.Trade active
The new trading week has started, are you ready? If you need an accurate signal, you can get in touch with me!Trade active
There will be a lot of insider trading signals today, and if you need help now, you can contact meTrade active
When trading, we tend to only buy and sell, but forget to set a stop loss, which will lead to a lot of losses in the trading account, and if it is more serious, it will even burn your account, we will publish a lot of accurate internal signals every day, if you are now trading alone, or you are a new trader, you can contact me, no matter how much money you have. You can have my help!
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.