During the US trading session on Monday, WTI crude oil recovered some of its losses from the sharp drop at the start of the week, and was reported at $57.55 per barrel during the session. OPEC+ unexpectedly increased production again, and WTI crude oil continued the bearish momentum that has gradually formed since March. With the increase in global supply and the rise in macro risks, the downward range of prices has reappeared. If tensions in the Middle East escalate further, it may trigger market fluctuations. The eight core members of the organization, led by Saudi Arabia, agreed to increase daily production by 411,000 barrels in June, which is the same as the unexpected increase in May. The cumulative increase in production has now exceeded 800,000 barrels per day, marking an important step towards canceling the voluntary production reduction target of 2.2 million barrels per day promised since 2022. Crude oil rose first and then fell today. After breaking the new low, the rise continued. After touching around $57.7, it came under pressure. This point is in line with our expectations. The market outlook is expected to continue to fall after a shock. Overall, crude oil is still in a bearish trend. Today's operation is mainly to short on rebound, supplemented by low long. Pay attention to the resistance of $57.7-58.5 on the top and the support of $55.5-54.0 on the bottom.
If the oil price breaks above $58.5/barrel, it will stop the expected bearish trend and push the oil price to regain the main shock trend.
It is expected that today's oil price will be traded between the support level of $55.0/barrel and the resistance level of $58.0/barrel.
If the oil price breaks above $58.5/barrel, it will stop the expected bearish trend and push the oil price to regain the main shock trend.
It is expected that today's oil price will be traded between the support level of $55.0/barrel and the resistance level of $58.0/barrel.
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If the oil price breaks above $58.5/barrel, it will stop the expected bearish trend and push the oil price to regain the main shock trend.
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Free Trading Strategies
Get 300% profit every week
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Get 300% profit every week
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.