The Market Pays Great Attention To OPEC Meeting On Tuesday, Willingness In Price-Chasing On Oil Price Got Restrained
Investors are recommended to consider marginal and short-term Short at around 76.20, Take-Profit at 75.00, Stop-Loss by 77.00.
US Oil price encountered the greater correction in fortnight on last Friday, what was caused by the multiplication on confirmed cases in Omicron around the globe. Especially, nations in Europe has falled exponentially. France has recorded with more than 200,000 cases for 4 consecutive days. As a result, the Bull in oil price has been limited. However, the market seems to be expecting the proclamation on OPEC Meeting on Tuesday, although the increase production plan would be keeping as it was, but since the lack of investment and the maintenance. Some members in OPEC are facing the challenges to raise their output, which indicates the potential risk in OPEC to encounter excessive production reduction. Nevertheless, the short-term varieties may triggers the concerns in some investors, therefore, would estimate the outlook for US Oil would most likely to maintain the vacillation for the near future until any news were disclosed by OPEC.
In Daily range, 5 & 20MAs on climb, KD neutral. In 4Hrs range, 5 & 20MAs flattening, KD also in neutral. In 60Mins range, 5MA up-reached 20MA, KD apt Bull. In short, it is forecast that US Oil would be maintaining it’s fluctuation for now, however, it’s still advice to keep monitoring the possibility in technical-correction.
(Information above is purely personal opinion, doesn’t represent platform’s standpoint. This opinion can only be use as reference)