malaysia forex trading time–HXFXglobal reminds you:
Geopolitical Tensions Cools Down, Rally Of US Oil Reached The Top
Forecast Shown US Shale Oil Production Will Vastly Increase In 2021~22; Surplus In Crude Oil Supply Hammering US Oil
Aggressors are recommended to consider marginal Short around 93.040, Target 91.155, Stop-Loss by 93.985.
Non-Aggressors are advice to wait for better entry.
During the Asian session today, US Oil fluctuated around the opening. Due to the end of the military exercise in Russia from yesterday. As some troops has been recalled from the border between Russia and Ukraine, which eased the crisis of the military conflict within E.Europe. In addition, the API Inventories fell less than expected, suppressed US Oil to closed 2.81% down. In early trading today, US Oil wanders around the opening again with ups and downs for consolidation. The outlook came after Russian President V.Putin said he was ready to host more talks with the US and NATO on security issues. Oil prices came under pressure as tensions eased in Eastern Europe and made the fears of supply shortages to dissipate. Moreover, since the oil price has risen to high ground that attracted the producers of shale oil in US to increase their production for goods, and the market expects that the supply of crude oil in the United States for this and next year will increase. In short, US Oil would most likely to fall and difficult to rise, and brought the market outlook with a strong Bearish pattern.
In 4Hrs range, 5MA up-bent and approaching the climbing 20MA. 10MA declines. Candlestick sunk to near 5MA with oscillations. MACD in deduction over the negative column. KD flattening. Overall, a swaying Bearish trend for US Oil for the short-term.
(Information above is purely personal opinion, and doesn’t represent the platform’s standpoint. This opinion can only be use as reference)
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