Crude oil range trading

Oil prices rebounded by 2% last Friday, and market sentiment has improved. However, what impressed investors more deeply in the past week was the sharp decline in oil prices in the first half of the week. The rapid decline in oil prices broke through the lower edge support of the high range created by OPEC+ production cuts and the Palestinian-Israeli conflict, thus fully venting pessimism.

The next key test for oil prices will be whether OPEC+, especially Saudi Arabia, will decide to extend the existing voluntary production cuts to the first quarter of next year or even longer at the OPEC meeting in December.

At present, crude oil tends to trade in a range. The upper resistance is 77.5, and the lower support is 75.
Overall bullish

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Kommentera:

74-78

Kommentera:

75-80

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Kommentera:

79.6 go short

Kommentera:

78.3 now

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The current market is in the process of determining the direction to correct. This is also a dangerous moment

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rebound