Take a wait-and-see attitude before the key OPEC+ meeting later this week. Although trade war tensions have eased, the uncertainty caused by the organization's upcoming production decision has limited the market's upside. The OPEC+ ministerial meeting will be held online on Tuesday, and the group of eight member countries that will implement voluntary production cuts is now expected to meet one day earlier than originally planned, on May 31. Traders are closely watching whether the group will relax its production cuts, which may lead to increased market supply. Crude oil has a volatile downward trend today. After the bulls rose to test the resistance level around 62.0, oil prices broke down and were under pressure. Pay attention to whether the bears will continue in the future. Comprehensive analysis shows that oil prices are under pressure again, and there is a probability of testing the previous low again. Today, consider rebounding shorting first, supplemented by low longs. Pay attention to the resistance of $61.5-62.5 on the top and the support of $60.0-59.0 on the bottom. If oil prices break above $61.5/barrel, this will stop the expected bearish trend and push oil prices to regain the main shock trend.
Henry expects oil prices to trade between the support level of $59.0 per barrel and the resistance level of $61.8 per barrel today.
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Henry expects oil prices to trade between the support level of $59.0 per barrel and the resistance level of $61.8 per barrel today.
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The crude oil accurate signal pointed out by Henry Analysis reached the designated 59-60 bottom support execution area, and the price rose to the target 61.5-62.5 resistance level. I believe everyone has witnessed these effective accurate signals. Attentive traders can also realize profitable gains in this plan. Congratulations to you.
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
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.