Idea: Weekly Crude Oil Trend Analysi…
Crude Oil West Texas - Cash forum
Idea: Weekly Crude Oil Trend Analysi…
From the daily chart level, the medium-term moving average system suppresses the rebound of oil prices. The short-term (1H) trend of crude oil maintains an upward shock. After the oil price hit a new high, it was quickly recovered. This rhythm has been experienced for two trading days. From the K-line closing of large real negative lines, the downward force yesterday has obviously turned stronger. The overall objective trend direction is in an oscillating rhythm. It is recommended to mainly buy low and rebound high for crude oil next week. From the hourly chart of crude oil, the short-term support is in the 63.4-62.3 area; from the 4-hour chart of crude oil, the upper short-term resistance is in the 65.2-66.5 area;
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Boosted by a call between the leaders of the world's two largest economies, oil prices maintained their upward trend on Friday. Brent crude oil prices stabilized at around $65 per barrel, the first weekly rebound since mid-May; WTI crude oil also remained near $63. "Against the backdrop of gradually easing macro uncertainties, the risk of panic selling in the market has been significantly reduced. With the arrival of the summer peak demand season, coupled with geopolitical tensions between the Middle East and Russia, the downward space for oil prices has been significantly suppressed." The recent steady recovery in oil prices shows that the market has gradually digested macro uncertainties, but the supporting factors behind it are still relatively fragile. Although trade concerns have temporarily eased, whether OPEC+ continues to release production capacity as expected by the market will be the key to whether oil prices can continue to rebound in the future. At the same time, the options market reflects expectations of oversupply at the end of the year, which will test the coordination capabilities of oil-producing countries.
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Next stop 65.3 , 🚀💵🚀💵