The situation in the crude oil market has been complex recently.
On the supply side, it is affected by the uncertainty of the OPEC+ production increase plan, the recovery of U.S. shale oil production, and the potential supply risks in Iran.
On the demand side, due to the weak momentum of global economic recovery and trade disputes, demand has been suppressed. However, the rising market expectations of the Federal Reserve's interest rate cut may boost crude oil demand if the loose monetary policy is implemented.
In terms of inventory, although U.S. crude oil inventories have decreased slightly recently, there is still pressure for inventory accumulation, and the decline in the geopolitical risk premium has weakened the support for oil prices.
In the short - term, the crude oil price was blocked and retraced at the upper edge of the trading range. Eventually, it rebounded and recovered, yet failed to break through to a new high. The bullish and bearish forces are locked in a stalemate. Objectively, the short - term trend direction remains unclear, while subjectively, it is biased upward. It is expected that crude oil will break through the resistance at the upper edge of the range and continue to rise today, though with limited upside potential.
USOIL Trading Strategy
sell@68.5-69
tp:67-66.5
I will share trading signals every day. All the signals have been accurate for a whole month in a row. If you also need them, please click on the link below the article to obtain them.
On the supply side, it is affected by the uncertainty of the OPEC+ production increase plan, the recovery of U.S. shale oil production, and the potential supply risks in Iran.
On the demand side, due to the weak momentum of global economic recovery and trade disputes, demand has been suppressed. However, the rising market expectations of the Federal Reserve's interest rate cut may boost crude oil demand if the loose monetary policy is implemented.
In terms of inventory, although U.S. crude oil inventories have decreased slightly recently, there is still pressure for inventory accumulation, and the decline in the geopolitical risk premium has weakened the support for oil prices.
In the short - term, the crude oil price was blocked and retraced at the upper edge of the trading range. Eventually, it rebounded and recovered, yet failed to break through to a new high. The bullish and bearish forces are locked in a stalemate. Objectively, the short - term trend direction remains unclear, while subjectively, it is biased upward. It is expected that crude oil will break through the resistance at the upper edge of the range and continue to rise today, though with limited upside potential.
USOIL Trading Strategy
sell@68.5-69
tp:67-66.5
I will share trading signals every day. All the signals have been accurate for a whole month in a row. If you also need them, please click on the link below the article to obtain them.
We share at least 3 - 5 free signals every day, with a monthly return of 300% - 500%. If you want to get accurate signals every day.Click the link to enter my Telegram channel.
t.me/+IFqHodtrHds0MDk0
t.me/+IFqHodtrHds0MDk0
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.
We share at least 3 - 5 free signals every day, with a monthly return of 300% - 500%. If you want to get accurate signals every day.Click the link to enter my Telegram channel.
t.me/+IFqHodtrHds0MDk0
t.me/+IFqHodtrHds0MDk0
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.