With Increasing Downward Pressure, Going Short at Highs Prevails

Summary:

The sudden shift in the balance of the pendulum is now evident in the USDJPY pair, as market expectations for the Fed's potential final rate hike have changed. Meanwhile, the narrowing of the yield spread between US and Japanese bonds over the 10-year term has intensified the downward pressure on the USDJPY. Technical indicators suggest a battle for support around 146.50 amid bearish sentiments.

SELL USDJPY

Close Time

CLOSED

148.355

Entry Price

140.040

151.500

147.329 -0.128 -0.08%

55.6

Pips

Profit

140.040

147.799

Exit Price

148.355

Entry Price

151.500

Fundamentals

The medium-term upward trend in USDJPY, likely a result of momentum and fundamental factors triggered by the "law of universal gravitation," has been in place since testing a low of 127.22 on January 16, 2022.

However, over the past week, USDJPY has experienced a significant decline, with an intraday drop of 1.00% at the time of writing, reaching 148.13, marking a new low since October 3.

External fundamental factors appear to be contributing to the substantial weakness in this asset, rather than Japan's inflation stickiness or the Ministry of Finance's threats of forex market intervention. The sudden shift in the balance of the pendulum is now evident as market expectations for the Fed's potential final rate hike expectations have changed.

The market currently anticipates the FOMC to ease restrictions in the first half of 2024, and the predictions for the Fed's rate hikes at the December 2023 and January 2024 FOMC meetings have evaporated following the softening of the last US Consumer Price Index (CPI).

According to the latest data derived from the CME FedWatch tool, the 2023 "dot plot" predicts a rate of 5.50%-5.75%. Currently, there is zero likelihood of a federal funds rate hike next month and throughout the entire 2024 FOMC meetings. There is a 30% possibility that the first rate cut could come as early as March 2024, followed by May and June 2024 with probabilities of 64% and 84%, respectively.

Furthermore, recent dovish expectations in US monetary policy have led to a softening after a significant rise in US bond yields since May 2023.

Over the past month, the yield spread between US and Japanese government bonds for the 10-year term has narrowed by 55 basis points, decreasing from 4.15% on November 14 to 3.60%.

Currently, the narrowing of the yield spread between US and Japanese bonds over the 10-year term is the most significant since March-April 2004. Additionally, the short-term 2-year yield spread between US and Japanese bonds has been consolidating below the key resistance level of 5.11. The decline in the US bond yield premium reduces its attractiveness to Japanese investors, thereby indirectly exerting downward pressure on the USDJPY exchange rate.

With Increasing Downward Pressure, Going Short at Highs Prevails_1

Technical Analysis

The USDJPY continued to face increased downward pressure on Monday, marking a third consecutive day of decline from the steep 151.43 top.

Last week's closing below the psychological level of 150.00 provided an initial bearish signal for further short-term declines, extending today below the 148.40 level. The daily chart structure still shows a death cross, boosting the bearish outlook.

If today's closing price falls below these levels again, it will increase signals of a double top and reversal, potentially triggering further retracement towards the next strong support levels at 146.30 and 145.84.

The softness in the daily chart supports short-term bearishness, although action may slow down due to oversold conditions. Ideally, any limited upward movement should face resistance at the breached 55-day SMA at 149.28 to maintain the integrity of the bearish trend and provide better selling opportunities. Only a sustained breakthrough above the 150.00 level would eliminate the immediate downside threat. In terms of trading, going short at highs is recommended as the main strategy.

Trading Recommendations

Trading Direction: Short

Entry Price: 148.70

Target Price: 140.04

Stop Loss: 151.50

Valid Until: 2023-12-04 23:55:00

Support: 147.29, 146.51, 146.30, 145.84

Resistance: 148.80, 149.28, 150.00, 150.38

Risk Warnings and Investment Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

Gold Price Peaks, Prolonged Consolidation Phase May Stage a Comeback

Eva Chen

Commodity Central Bank

Summary:

Gold prices steadily rose last week, experiencing fluctuations with the release of economic data; however, after a month of strong volatility, the trajectory of gold prices has become more orderly, and less dramatic.

SELL XAUUSD

Close Time

CLOSED

1972.34

Entry Price

1935.00

1993.00

2043.13 +2.18 +0.10%

206.6

Pips

Loss

1935.00

1993.06

Exit Price

1972.34

Entry Price

1993.00

Fundamentals

The latest weekly gold survey indicates that retail investors maintain an overwhelmingly bullish bias this week, while our outlook on the gold price is shifting towards a neutral assessment.

Commodity analysts state that gold continues to be influenced by global geopolitical factors, as diminishing market concerns weaken gold's safe-haven appeal. Despite the ongoing conflict in the Gaza Strip while the war between Israel and Hamas persists, the sustained chaos in the Middle East has come under control.

"The geopolitical crisis that has fuelled gold's rally is becoming exhausted," said Christopher Vecchio.

Vecchio noted that while geopolitical events can provide tradable momentum for the gold market, they do little to attract long-term investors. He pointed out that gold's rise based on specific geopolitical events requires constant conflict escalation to sustain its safe-haven buying.

Vecchio mentioned that he exited his long gold positions last week and remains cautious in the short term, anticipating a consolidation of gold prices.

He expressed that the majority of significant movements in gold have already taken place, but he has no intention of shorting gold. This is due to the favorable backdrop for gold amid a weakening U.S. dollar and declining U.S. bond yields. He believes that gold can continue to rise, but for potential traders, it will be a frustrating ordeal.

In terms of the market, we expect little change in gold prices this week. After the recent rise, gold is susceptible to negative news. The mid-term fundamentals are very strong, and at some point, there may be buying opportunities for gold as the Fed and other central banks relax tightening policies before inflation is thoroughly contained. But it's not the time yet. Meanwhile, as geopolitical risks have subsided, gold prices will enter a prolonged consolidation phase, similar to the challenging period from mid-July to late August.

This week, 12 Wall Street analysts participated in the gold trend survey. Like last week, three experts (25%) expect gold prices to rise next week, but only one expert (8%) predicts a decline this week. The majority (67%) hold a neutral stance on gold for the coming week.

Meanwhile, an online poll generated 595 votes, with market participants showing a more optimistic attitude compared to last week's survey. 394 retail investors (66%) expect gold prices to rise this week. Another 125 respondents (21%) anticipate lower prices, while 76 respondents (13%) maintain a neutral outlook on the near-term prospects of precious metals.

Gold Price Peaks, Prolonged Consolidation Phase May Stage a Comeback_1

Technical Analysis

Last week's upward movement in gold benefited from a new signal that the Fed's tightening cycle is nearing its end. Despite the constructive nature of the US dollar, both sides need to do more to generate clearer directional signals.

After facing rejection from further gains on last Friday, gold did not continue its upward trend this Monday despite the further weakening of the US dollar, and it exhibited an accelerated downward trend.

A bearish candlestick with a long upper shadow on Wednesday warned of a stalled recovery. Currently, as long as the resistance level at $1,985 holds as the upper limit, the downward trend will remain intact, as the momentum in the daily chart continues to be negative. In terms of trading, going short at highs is recommended as the main strategy.

Trading Recommendations

Trading Direction: Short

Entry Price: 1975

Target Price: 1935

Stop Loss: 1993

Valid Until: 2023-12-04 23:55:00

Support: 1973, 1969, 1966, 1952

Resistance: 1979, 1985, 1988, 1993

Risk Warnings and Investment Disclaimers

Australian Dollar Rebounds After Volatile Week: RBA's Tightening Stance and US Economic Indicators in Focus

Warren Takunda

Traders' Opinions

Summary:

On a technical note, AUD/USD is currently testing resistance at 0.6476, with additional resistance at 0.6526. Support levels are identified at 0.6408 and 0.6351.

BUY AUDUSD

EXP

EXPIRED

0.65300

Entry Price

0.67500

0.64500

0.66309 -0.00159 -0.23%

Pips

EXPIRED

0.64500

0.65451

Exit Price

0.65300

Entry Price

0.67500

The Australian dollar experienced a rebound on Friday, recovering from losses earlier in the week. The currency's wild fluctuations were driven by a softer-than-expected US inflation print, with AUD/USD trading at 0.6487, marking a 0.24% increase. Amid uncertainty about the Reserve Bank of Australia's (RBA) future tightening actions, markets are pricing in a 60% chance of an RBA rate hike in H1 2024. The RBA, having aggressively raised rates to 4.35%, is expected to pause in December, with mixed opinions on further hikes in 2024. Meanwhile, US economic indicators, including lower-than-expected inflation and a decline in retail sales, contribute to a cooling economic outlook, impacting US Treasury yields.

The Australian dollar has exhibited a resurgence on Friday, bouncing back from earlier losses in a week marked by heightened volatility. The currency, represented by AUD/USD, saw a 0.24% increase, trading at 0.6487 during the European session.

The week's turbulence for the Australian dollar began with a notable 2% surge on Tuesday, propelled by a US inflation print that fell below expectations. By Wednesday, AUD/USD reached 0.6525, its highest level since August 10th, contributing to a cumulative 1.9% gain for the week.

The Reserve Bank of Australia (RBA) has played a pivotal role in shaping market sentiment, having implemented aggressive rate hikes to bring the cash rate to 4.35%. Despite a quarter-point hike earlier in the month, the RBA is anticipated to adopt a pause at its December meeting. Thursday's employment report, showcasing a robust gain of 55,000 jobs, exceeded market consensus but primarily consisted of part-time positions, having limited impact on RBA rate odds.

Looking ahead to 2024, uncertainty looms regarding the RBA's stance after December. Market participants have priced in a 60% chance of a quarter-point hike in the first half of 2024, with key economic releases such as inflation and employment figures influencing the RBA's decisions. Divergent opinions emerge, with Goldman Sachs adopting a more dovish outlook, projecting inflation to fall below 3% in late 2024 and not expecting further rate hikes.

In the US, economic indicators this week point towards a gradual economic cooling. Inflation, lower than expected at 3.2%, and a 0.1% decline in retail sales contribute to this narrative. Additionally, unemployment claims reached a three-month high at 231,000. US Treasury yields responded to the evolving economic outlook by falling to 4.45%, down from 4.53%, reflecting increasing speculation that the Federal Reserve may have concluded or is near the end of the current rate-tightening cycle.

On a technical note, AUD/USD is currently testing resistance at 0.6476, with additional resistance at 0.6526. Support levels are identified at 0.6408 and 0.6351. The technical analysis suggests compelling signals hinting at a potential trend reversal, with a focus on recent price action, key technical levels, and Fibonacci retracement.

The currency pair's daily timeframe reveals a rebound from the 31.8% Fibonacci retracement level, signaling resilience in bullish sentiment. The market dynamics, marked by a Break of Structure in early November and a subsequent Change of Character as of November 16, hint at a potential reversal in the prevailing trend.

Australian Dollar Rebounds After Volatile Week: RBA's Tightening Stance and US Economic Indicators in Focus_1

Zooming into the 4-hour timeframe, bullish candlestick patterns near the psychological barrier of 0.65150 provide an intriguing setup. A potential Long Position opportunity is on the books if the price successfully breaks the 0.65150 zone and undergoes a retest, with a profit target of approximately 80-120 pips. The overlapping London and New York sessions add complexity, with a Hammer candlestick followed by a Belt candlestick suggesting a tug-of-war between sellers and buyers, potentially setting the stage for a rally.

The Australian dollar's trajectory remains subject to the RBA's actions, evolving economic data, and global market dynamics, making it a key currency to watch in the coming weeks.

TRADE RECOMMENDATION

BUY AUDUSD

ENTRY PRICE :0.65300

STOP LOSS : 0 .64500

TAKE PROFIT : 0.67500

Risk Warnings and Investment Disclaimers

Eurozone Inflation at 2.9%: Euro Drifts Amid Economic Concerns and ECB's Monetary Policy Dilemma

Warren Takunda

Traders' Opinions

Summary:

As the Euro continues to drift amid economic uncertainties, the global financial landscape remains complex, with central banks facing critical decisions that could shape the trajectory of monetary policy and impact currency movements.

BUY EURUSD

EXP

EXPIRED

1.08900

Entry Price

1.09800

1.08200

1.09834 -0.00078 -0.07%

Pips

EXPIRED

1.08200

1.09375

Exit Price

1.08900

Entry Price

1.09800

The Euro (EUR) remains subdued as Eurozone inflation confirms a decline to 2.9%, signaling economic challenges. The EUR/USD pair trades at 1.0870, up 0.17%, after a significant 1.68% gain earlier in the week following a weak US inflation report. The Eurozone's economic woes, highlighted by stagnation and Germany's economic struggles, prompt expectations of the European Central Bank (ECB) extending its rate hold. Despite ten consecutive rate hikes, the ECB faces a complex decision amid falling inflation and a lackluster economic outlook. Meanwhile, the US experiences economic slowdown signs, with lower-than-expected inflation, declining retail sales, and elevated unemployment claims. The US Federal Reserve's potential pause in its rate-tightening cycle adds further uncertainty to the global economic landscape.

The Euro (EUR) is experiencing a period of subdued trading activity as Eurozone inflation is confirmed at 2.9%, reflecting broader economic challenges and leaving the European Central Bank (ECB) facing a delicate monetary policy dilemma.

In the European session, the EUR/USD pair is trading at 1.0870, marking a modest increase of 0.17%. This follows a notable 1.68% gain earlier in the week, triggered by a soft US inflation report that led to sharp losses for the US Dollar.

Eurozone inflation, officially reported at 2.9% year-on-year in October, has affirmed the initial estimates. This figure represents a significant drop from the 4.3% recorded in September and aligns with consensus expectations. The decline in inflation is attributed to lower energy and food prices. On a monthly basis, inflation eased to 0.1%, down from 0.3% in September, in line with market forecasts. The core inflation rate, remaining notably higher than the headline figure, showed a modest decrease from 4.5% to 4.2%, matching consensus estimates.

The ECB opted to maintain rates at 4.0% in October, concluding a series of ten successive rate hikes. However, with inflation on a downward trajectory, expectations are mounting that the central bank will extend its hold on rates. This anticipation arises amid a challenging economic landscape, with the Eurozone economy stagnating. Germany, once a global economic powerhouse, is now contributing to the Eurozone's economic struggles.

ECB President Christine Lagarde hinted at the possibility of a prolonged rate hold, stating that the ECB would not be trimming rates in the "next couple of quarters." She acknowledged the significant decrease in inflation but suggested that rates may have peaked.

On the other side of the Atlantic, the United States is grappling with signs of an economic slowdown. Lower-than-expected inflation at 3.2%, a 0.1% decline in retail sales, and a three-month high in unemployment claims at 231,000 indicate challenges for the US economy. US Treasury yields fell to 4.45%, down from 4.53%, amid growing speculation that the Federal Reserve might pause or conclude the current rate-tightening cycle. The markets are pricing in a potential rate cut as early as May 2024.

Eurozone Inflation at 2.9%: Euro Drifts Amid Economic Concerns and ECB's Monetary Policy Dilemma_1

In terms of technical analysis, the EUR/USD pair faces resistance at 1.0926, with additional resistance nearby at 1.0943. Earlier, the pair tested support at 1.0842, and further support is identified at 1.0799. Despite trading near the 1.0900 area, the US Dollar received support during the US session from higher Treasury yields and mixed market sentiment. The pair is poised to post its highest weekly close since August.

Looking at the technical chart, there is a suggestion of another decline to come, with the price approaching the 0.618 retracement level. This decline could represent a continuation of the broader market uncertainty and economic challenges, impacting both the Eurozone and the United States.

TRADE RECOMMENDATION

BUY EURUSD

ENTRY PRICE : 1.08900

STOP LOSS : 1.08200

TAKE PROFIT : 1.09800

Risk Warnings and Investment Disclaimers

Algorithm-Driven Forces to Sustain Price Regression Towards Rational Ranges

Eva Chen

Commodity Economic

Summary:

International crude oil futures settled sharply lower on Thursday, with December WTI crude futures settling down $3.76, a 4.9% decrease, at $72.9 per barrel. Brent crude futures settled down $3.76, a 4.63% decline, at $77.42 per barrel.

SELL WTI

Close Time

CLOSED

75.966

Entry Price

70.190

79.700

76.550 -0.039 -0.05%

101.8

Pips

Profit

70.190

74.948

Exit Price

75.966

Entry Price

79.700

Fundamentals

WTI crude oil plummeted on Thursday to its lowest level since July 10, as the decline accelerated due to increased inventories and breaking below critical technical support levels.

WTI crude briefly approached the $72 per barrel mark on Thursday, following a report on Wednesday indicating a rise in US crude inventories and a breach of the 200-day SMA. Simultaneously, Brent crude prices dipped below $77.00 per barrel, driven by algorithmic selling after falling below $80.00.

"Algorithm-driven" refers to the settlement of most commodity trades before the end of the trading day. The fair value of long and short positions on this trading day, calculated by algorithms, led to selling as their fair value was lower than the current price.

The recent drop in oil prices may be in sync with previous rounds of accelerated selling, creating a vicious cycle. In the absence of significant short-term bearish factors on the supply and demand side, the continuous breaking and falling of oil prices under the dual negative impact of increased supply and dim demand prospects cause distress (stampede events).

Setting aside the disturbances to oil prices caused by technical factors, we tend to believe that the crucial trend of oil prices in the next 4-6 weeks depends on the execution of OPEC+ production cuts. If OPEC+ (especially Saudi Arabia) fails to fulfill the promised production cuts made in early September, oil trades will return to macroeconomic fundamentals. Instead, if it complies with production cuts during November and December, oil prices will continue to be influenced by supply considerations.

Algorithm-Driven Forces to Sustain Price Regression Towards Rational Ranges_1

Technical Analysis

WTI crude oil experienced a significant decline this week, with a drop of around 4.9% yesterday, reaching the lowest point in four months, marking the fourth consecutive week of decline.

Despite OPEC+ and the International Energy Agency (IEA) predicting supply tightness in the fourth quarter, disappointing global economic data and a substantial increase in US crude inventories, coupled with ongoing record production levels, intensified the following pessimistic sentiment.

From a technical perspective, earlier this week, WTI crude oil prices failed to recover the psychological level of $80.00, solidifying the bearish sentiment. We currently anticipate WTI crude oil prices to fall to the 161.8% Fibonacci retracement level of $95.50-$91.07, with a target of $68.85. Meanwhile, the range of $63.67-$66.94 is expected to provide significant support, potentially triggering a reversal.

Overall, WTI crude oil continues to be in a long-term range-bound pattern, oscillating in the range of $63.00-$96.00. In terms of trading, the strategy is focused on selling high and buying low.

Trading Recommendations

Trading Direction: Short

Entry Price: 76.00

Target Price: 70.19

Stop Loss: 79.70

Valid Until: 2023-12-01 23:55:00

Support: 72.33, 70.24, 66.98

Resistance: 74.95, 76.75, 79.86

Risk Warnings and Investment Disclaimers

Unreachable Peaks, Stampede Scenario Looms at Any Moment

Eva Chen

Forex Central Bank

Summary:

Due to the prevailing soft market risk sentiment, bears capitalize on the weakness of the US dollar, intensifying the selling pressure on USDJPY. With signs of a death cross formation in the daily chart structure, bears may seize the opportunity to accelerate the asset's sell-off.

SELL USDJPY

Close Time

CLOSED

149.900

Entry Price

140.040

151.500

147.329 -0.128 -0.08%

209.5

Pips

Profit

140.040

147.805

Exit Price

149.900

Entry Price

151.500

Fundamentals

On Friday, USDJPY displayed a downward trend for the second consecutive day, falling below 150.30 during the European session. The asset faces new challenges due to the softening market risk sentiment. This is mainly attributed to a series of pessimistic economic data from the US, raising doubts about the Fed's inclination to raise interest rates and exacerbating the overall sentiment surrounding the asset.

However, in the short term, the downward trend of USDJPY receives some support amid the Bank of Japan's more dovish stance.

BOJ Governor Kazuo Ueda emphasized the central bank's commitment to maintaining an ultra-loose monetary policy, citing the need for patience in the face of uncertain inflation dynamics.

Ueda stated, "Trend inflation is likely to gradually accelerate toward our 2% inflation target through fiscal 2025. But this needs to be accompanied by a positive wage-inflation cycle." He added, "Uncertainty on whether Japan will see such a positive wage-inflation cycle is high."

Regarding the performance of the 10-year Japanese government bond yields, Ueda mentioned that, despite upward pressure, he does not expect them to significantly rise above the reference level of 1%.

Looking ahead, Ueda clarified the BOJ's stance on potentially ending yield curve control and negative interest rate policies, stating, "We will consider ending yield curve control and negative interest rates if we can expect inflation to stably and sustainably meet our 2% target."

He emphasized that the sequence of policy adjustments would depend on various factors, including economic conditions, price trends, and market developments.

In terms of the market, due to the continued decline in US Treasury yields, USDJPY fell below the 150.00 level on Friday, reaching a new low since the previous Monday. The US dollar also erased earlier modest gains against the euro, pound, and kiwi, while experiencing slight declines against the Swiss franc, Canadian dollar, and Australian dollar. The US dollar's decline poses a significant blow to its resilience this week, sparking renewed debates about the potential technical breakdown of the US dollar as the market anticipates the upcoming week.

Japanese Vice Finance Minister Ryosei Akazawa reiterated the government's stance on possible intervention in the foreign exchange market. He stated that the government would intervene in the forex market to curb excessive volatility but did not specify the specific exchange rate level that would trigger such intervention. Akazawa emphasized that any forex intervention would aim to address excessive volatility, not just respond to yen weakness.

However, considering the softer risk sentiment and the possibility of intervention, bears may take advantage of the weakened US dollar to further sell USDJPY. At this juncture, authorities could trigger a stampede event with only a small portion of funds, reminiscent of last year's intervention. The funds utilized for this intervention will be relatively inexpensive.

Unreachable Peaks, Stampede Scenario Looms at Any Moment_1

Technical Analysis

USDJPY continued its descent today. Despite bulls briefly testing last year's high at 151.94 and experiencing a significant pullback, the market showed impulsive movements due to extremely mild risk sentiment and a death cross signal in the daily chart structure.

Simultaneously, momentum indicators have reached a critical stage. The Average Directional Movement Index (ADX) is below the 25 threshold, indicating a lack of market trend. On the other hand, the Relative Strength Index (RSI), after hovering above the 50 midpoint for the fourth consecutive month, is now turning downward, signaling increased bearish pressure. Crucially, the stochastic oscillator is gradually declining, preparing to test the resistance set by the moving average line. Breaking below the average line would be considered a strong bearish signal.

Currently, USDJPY bears have breached the lower limit of the trend channel, the October 3rd high at 150.15, and the 50-day SMA at 149.35. If they break below 147.71 again, the downward path will be relatively clear, extending until the 144.99-146.65 range.

Overall, there is vitality in USDJPY bears, but the battle continues; bulls still aim to reclaim levels above 150.00. However, given the current situation, the path of least risk is downward. In terms of trading strategy, going short at highs is preferred.

Trading Recommendations

Trading Direction: Short

Entry Price: 150.00

Target Price: 140.04

Stop Loss: 151.50

Valid Until: 2023-12-01 23:55:00

Support: 148.78, 148.20, 147.28

Resistance: 150.00, 150.17, 151.42

Risk Warnings and Investment Disclaimers

Algorithm-Driven Forces to Sustain Price Regression Towards Rational Ranges

Eva Chen

Commodity Economic

Summary:

SELL WTI

Close Time

CLOSED

74.998

Entry Price

70.190

77.300

76.550 -0.039 -0.05%

230.2

Pips

Loss

70.190

77.300

Exit Price

74.998

Entry Price

77.300

Fundamentals

WTI crude oil plummeted on Thursday to its lowest level since July 10, as the decline accelerated due to increased inventories and breaking below critical technical support levels.

Setting aside the disturbances to oil prices caused by technical factors, we tend to believe that the crucial trend of oil prices in the next 4-6 weeks depends on the compliance of OPEC+ production cuts. If OPEC+ (especially Saudi Arabia) fails to fulfill the promised production cuts made in early September, oil prices will return to macroeconomic fundamentals. Instead, if it complies with production cuts during November and December, oil prices will continue to be influenced by supply considerations.

Technical Analysis

WTI crude oil experienced a significant decline this week, with a drop of around 4.9% yesterday, reaching the lowest point in four months, marking the fourth consecutive week of decline.

From a technical analysis perspective, earlier this week, WTI crude oil prices failed to recover the psychological level of $80.00, solidifying the bearish sentiment. We currently anticipate WTI crude oil prices to fall to the 161.8% Fibonacci retracement level of $95.50-$91.07, with a target of $68.85. Meanwhile, the range of $63.67-$66.94 is expected to provide significant support, potentially triggering a reversal.

Overall, WTI crude oil continues to be in a long-term range-bound pattern, oscillating in the range of $63.00-$96.00. In terms of trading, the strategy is focused on selling high and buying low.

Trading Recommendations

Trading Direction: Short

Entry Price: 75.00

Target Price: 70.19

Stop Loss: 77.30

Valid Until: 2023-12-01 23:55:00

Support: 72.33, 70.24, 66.98

Resistance: 74.95, 76.75, 79.86

Risk Warnings and Investment Disclaimers

Eva Chen

Analyst

Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.

Ranking

Articles

838

Win Rate

69.00%

P/L Ratio

0.56

Focus on

WTI, XAUUSD, GBPUSD

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With Increasing Downward Pressure, Going Short at Highs Prevails

Fundamentals

Technical Analysis

Trading Recommendations

Gold Price Peaks, Prolonged Consolidation Phase May Stage a Comeback

Fundamentals

Technical Analysis

Trading Recommendations

Australian Dollar Rebounds After Volatile Week: RBA's Tightening Stance and US Economic Indicators in Focus

TRADE RECOMMENDATION

Eurozone Inflation at 2.9%: Euro Drifts Amid Economic Concerns and ECB's Monetary Policy Dilemma

TRADE RECOMMENDATION

Algorithm-Driven Forces to Sustain Price Regression Towards Rational Ranges

Fundamentals

Technical Analysis

Trading Recommendations

Unreachable Peaks, Stampede Scenario Looms at Any Moment

Fundamentals

Technical Analysis

Trading Recommendations

Algorithm-Driven Forces to Sustain Price Regression Towards Rational Ranges

Fundamentals

Technical Analysis

Trading Recommendations

Risk Disclosure