Oil Prices Retreat Due to the Lack of Buying Support

Peterson

Commodity

Summary:

The oscillation range during the day will be 76.8-79.0, and investors are advised to buy low and sell high.

SELL WTI

Close Time

CLOSED

79.000

Entry Price

76.800

79.500

68.117 +0.207 +0.30%

50.0

Pips

Loss

76.800

79.500

Exit Price

79.000

Entry Price

79.500

Fundamentals

During the Asian session on Friday (March 1), WTI crude oil fluctuated in a narrow range and is currently trading around 78.1 dollars per barrel.

Yesterday, oil prices maintained the trend the day before yesterday, retreating from highs. Oil prices rose as high as 78.8 at the beginning of the American session but failed to hold on to gains, and then they fell quickly back to as low as 77.5. Oil prices have sustained their oscillation pattern since mid-February. What’s more, it shows that traders do not have much enthusiasm to chase the market, although the bulls are currently dominant. At present, the market lacks effective fundamental factors that could change the oscillation pattern. All in all, the market was relatively thin yesterday. The surge of oil prices in the American sessions was mainly due to the release of employment data and inflation data, which was bearish for the dollar and supported the surge of risk assets. Also, oil prices strengthened driven by sentiment. However, the rally was not able to continue due to the lack of buying support. The price will still fluctuate recently.

In March, there are two main aspects that we need to focus on. One, which is also the most critical one, is OPEC+'s plan to cut production. Although this plan will not be announced until the middle of this month at the earliest, the market will keep hyping it. The other is the influence of geographical factors. At present, global frictions have become the norm. Russia-Ukraine, the Red Sea, and the Palestinian-Israeli conflicts are all potentially destabilizing factors. Although the current Biden administration's remarks that the Palestinian-Israeli conflict will cease fire before March 10 has some impact on the market, it is all uncertain.

Trading: Oil prices fell as low as 77.5 in the Asian session yesterday, rebounded as high as 78.8, and retraced to 77.5 at the end of the session. Our strategy trading range is 77.0-79.0, with no signal to open a position, which is a day of wait-and-see.

Data: The US PCE price index increased by 2.4% YoY in January, in line with market expectations and slightly slower than the 2.6% growth rate in December. PCE increased by 0.4% MoM, which also met market expectations, and doubled from the 0.2% growth rate in December.

Today, investors need to pay attention to the US manufacturing PMI data for January and the speech of Fed Governor Waller.

Technical Analysis

Yesterday, Oil prices rebounded slightly in the American session, rising as high as 78.8. But after blocked in the 79-79.5 area, oil prices retreated again. As support was in the 77-77.5 area, oil prices fell as low as 77.5 before rebounding to around 78. This trend is more a reflection of the caution of both the bulls and bears, but there is a lack of further clues, with both technical and fundamental factors relatively vague. At present, the important resistance area of oil prices is 79-79.5. However, it is not enough to rely on technical bullish factors to make an effective breakthrough. Fundamental factors or big news are required. In the short term, we can still use a rang trading strategy. After the oil price enters the resistance zone, traders can try to short with small positions.

The market did not fluctuate much yesterday. In the 1-hour candlestick chart, the continuous bearish piercing line pattern fully released the momentum of the bears. As the MACD has shown signs of a golden cross, an hourly rebound could be expected during the day. In the 4-hour K-line chart, the bullish and bearish piercing line patterns appeared one after another, and the MACD indicator stuck. As a result, price action did not provide any valuable reference signals, we should watch hourly rebounds. The daily chart closed slightly higher with a long upper shadow, but the MACD was still sticky. In the short term, it's uncertain whether the oil price will be bullish or bearish, so oil prices will be volatile. During the day, trading investors can buy low and sell high in the range of 76.8-79.0.

Oil Prices Retreat Due to the Lack of Buying Support_1

Trading Recommendations

Trading Direction: Short

Entry Price: 79.000

Target Price: 76.800

Stop Loss: 79.500

Support: 77.000/75.500

Resistance: 78.500/79.500

Risk Warnings and Disclaimers

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

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Peterson

Commodity

Summary:

The intraday oscillation range may be 2035-2055, suggesting opportunities for buying low and selling high.

SELL XAUUSD

Close Time

CLOSED

2055.00

Entry Price

2035.00

2060.00

2692.19 +32.14 +1.21%

50.0

Pips

Loss

2035.00

2060.00

Exit Price

2055.00

Entry Price

2060.00

Fundamentals

During the Asian session on Friday (March 1), spot gold traded in a narrow range with current levels around 2044.

The inflation figures for January in the US, released yesterday, showed a gradual cooling trend with a year-on-year increase of 2.8%, while initial jobless claims were higher than expected. This significantly alleviated recent market concerns about inflation, driving gold prices higher yesterday. As expected, gold broke out of its previous consolidation range, reaching a new high since early February. It briefly touched the 2050 mark before retreating, mainly driven by long-accumulated sentiment.

Although yesterday's inflation figures did not exceed expectations, the month-on-month rebound to 0.4% marked the largest increase in nearly a year, continuing to pose risks of inflation. Fed official Loretta Mester's statement yesterday indicated no rush to cut interest rates, showing no fear of January's inflation data. The Fed's policymakers reiterated that it might be appropriate to start cutting rates this summer, with three rate cuts being suitable for this year. Perhaps this is the real driving force behind future gold prices. However, there is still a long time until this summer, and gold prices may not have short-term drivers yet. Time might favor the bulls.

Tonight, attention will be on remarks from Fed Board Governor Christopher Waller. Nick Timiraos, a Wall Street Journal reporter, indicated yesterday that Waller is likely to become the next Fed Chairman.

In terms of trading, gold prices oscillated and fell during the Asian session yesterday, dropping to around 2027.8. During the US session, prices surged to around 2050.6 after the data release, followed by volatile declines. We underestimated the bullish sentiment yesterday. Our suggested trading range was between 2020 and 2045, and we shorting at high levels incurred losses of $5. Stop-losses are not to be feared, yet many investors struggle to face them. In trading, using stop-losses is never wrong, even if the trade starts moving in the original direction immediately after the stop-loss is triggered. Trading is simply a probability game.

In terms of data, the US January PCE price index increased by 2.4% year-on-year, consistent with market expectations, slightly slower than December's 2.6% pace. The month-on-month increase of 0.4% also met market expectations, doubling from December's 0.2% increase.

On the news front, Nick Timiraos indicated that Fed Board Governor Waller may be the next Fed Chairman.

Focus of the Day: US January manufacturing PMI data and remarks from Fed Board Governor Waller.

Technical Analysis

Yesterday, gold prices behaved as expected. During the Asian session, they continued to be pressured in the 2035-2040 range; while during the US session and driven by data, prices broke through the resistance in that area, reaching as high as 2050.6. However, substantial bullish factors for gold are still lacking. The market was unable to firmly hold above 2050, meaning it failed to effectively break through the trend line shown below, leading to subsequent volatile declines.

Following yesterday's breakthrough, the previous resistance area has once again turned into a support area. Intraday attention needs to be paid to the support around the 2035-2040 region. Stabilizing after a pullback is still an opportunity for cautiously going long with small positions, but there isn't much room for upward movement. The initial focus should be on the resistance around the 2055 level. Short-term movement towards this area could also provide opportunities for cautiously going short with small positions.

From a technical standpoint, yesterday's significant fluctuations mainly occurred within the first hour after the release of US data. Subsequently, the market entered a phase of digesting both bullish and bearish sentiments. The driving force behind the upward movement in the market still hasn't shown significant changes. Short-term fluctuations are likely to continue around the trend line shown below.

Looking at the 1-hour candlestick chart, after a rapid upward breakthrough with a long white body, the MACD indicator entered the overbought zone, with a death cross appearing at high levels, suggesting a possible intraday correction. The 4-hour candlestick chart shows a similar pattern, with bullish momentum already being fully released, warranting attention to intraday correction opportunities. In the daily chart, the bullish close yesterday injected greater bullish sentiment into the market. The MACD formed a golden cross near the zero line, indicating continued bullish sentiment over larger timeframes.

Today's intraday trading range can be considered 2035-2055. Aggressive traders may consider buying low and selling high within this range. Gold Prices Surge Higher as Inflation Eases_1

Gold Prices Surge Higher as Inflation Eases_1

Trading Recommendations

Trading Direction: Short

Entry Price: 2055

Target Price: 2035

Stop Loss: 2060

Support: 2040.000, 2020.000

Resistance: 2055.000, 2065.000

Risk Warnings and Disclaimers

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Eva Chen

Commodity

Economic

Summary:

Increased crude oil inventories lead to heightened downside risks for crude oil demand. OPEC is officially considering extending production limits from the first quarter to the second quarter to bolster crude oil prices.

BUY WTI

Close Time

CLOSED

76.850

Entry Price

80.100

76.000

68.117 +0.207 +0.30%

18.2

Pips

Profit

76.000

77.032

Exit Price

76.850

Entry Price

80.100

Fundamentals

The US Energy Information Administration reported on Wednesday that crude oil inventories increased by 4.199 million barrels, higher than the expected 2.743 million barrels, leading to heightened downside risks for crude oil demand.

With inventories on the rise, the Organization of the Petroleum Exporting Countries (OPEC) is considering extending production limits from the first quarter to June. The organization is attempting to bolster crude oil prices by stemming the tide of crude oil supply flooding the market from non-OPEC countries, especially the US, which has recently become Europe's largest crude oil exporter.

Meanwhile, uncertainties surrounding the ceasefire between Israel and Hamas (supported by Palestine) continue to provide ample support for the downward trend in oil prices. On Wednesday, Hamas stated that it launched a series of rockets toward northern Israel, dimming expectations for a ceasefire. However, US President Biden expressed confidence in achieving a ceasefire by March 4.

The upcoming release of the US core Personal Consumption Expenditures (PCE) price index may impact market sentiment and commodity prices in the next New York session as it is considered the Fed's preferred inflation gauge. With expectations for the Fed to avoid rate cuts until the second half of this year growing stronger, escalating price pressures may revive demand for the US dollar.

On the other hand, weaker-than-expected inflation data will exacerbate pessimism surrounding earlier US data this week (durable goods orders, central bank consumer confidence, and preliminary GDP estimates), potentially reviving expectations for a rate cut in May. Investors will glean clues from the data and seek trading opportunities around crude oil prices.

Intensified Volatility in Crude Oil Market with Mixed Inventory Data_1

Technical Analysis

In Thursday's trading, WTI crude oil is in corrective mode within its minor uptrend. Currently, prices are retracing from around $79.60, the upper end of the channel. Prices may find support at levels marked by the Fibonacci retracement tool.

The 38.2% Fibonacci retracement level at $78.13 is likely to attract nearby buyers initially, with more substantial adjustments potentially finding support at the 50% Fibonacci retracement level or at $77.68, which aligns with moving averages.

The 61.8% Fibonacci retracement level is at $77.22, with correction targets possibly near the major psychological level of $77.00 near the bottom of the channel. A break below this level may indicate a reversal of the uptrend.

Additionally, the stochastic oscillator has bottomed out but has not yet reached oversold territory, indicating a desire for buyers to take control. However, the RSI is consolidating to reflect a sideways movement, and there may be some downside potential to mirror selling pressure. Therefore, crude oil prices may follow suit. The bias is towards a bearish layout.

Trading Recommendations

Trading Direction: Long

Entry Price: 76.85

Target Price: 80.10

Stop Loss: 76.00

Valid Until: 2024-03-14 23:55:00

Support: 78.20, 77.87, 77.51

Resistance: 79.19, 79.68, 80.00

Risk Warnings and Disclaimers

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Eva Chen

Forex

Central Bank

Summary:

Strong rhetoric from Masato Kanda, Japan's Vice Minister of Finance for International Affairs, and Hajime Takata, a member of the Bank of Japan's board, sparked fresh intervention, effectively bolstering the yen and leading to significant selling pressure on the GBPJPY. Masato Kanda reiterated that the government is prepared to take appropriate action to address excessive exchange rate fluctuations at any time.

BUY GBPJPY

Close Time

CLOSED

189.660

Entry Price

192.300

187.700

194.036 +1.252 +0.65%

113.0

Pips

Profit

187.700

190.790

Exit Price

189.660

Entry Price

192.300

Fundamentals

GBPJPY faced significant selling pressure on Thursday, further retreating from its highest levels since August 2015 (around the 191.30 area touched earlier this week). During the European session, spot prices fell to more than a week low, currently trading around the 189.65-189.70 area, down nearly 0.60% overall.

The yen surged significantly during the Asian session due to the strong rhetoric from Bank of Japan (BoJ) board member Hajime Takata. These remarks were interpreted as the clearest signal yet that the BoJ may be poised to abandon negative interest rates. While it may be premature to declare a bullish trend reversal at this point, the yen remains poised for further gains in the short term, even if corrective rebounds occur.

During a significant speech today, BoJ board member Hajime Takata emphasized the need for "flexible responses" to the nation's monetary policy strategy and called for abandoning the current "extremely accommodative monetary policy."

He outlined several measures to consider, including exiting yield curve control, moving away from negative interest rates, and revising the BoJ's commitment to expanding the monetary base until inflation consistently exceeds the 2% target.

As Takata made these remarks, Japan appears to be on track to achieve its long-awaited 2% inflation target. He noted, "While there are some economic uncertainties, I feel that we're finally seeing prospects for achieving our 2% inflation target."

Furthermore, Takata highlighted the positive momentum in spring wage negotiations, with many companies proposing wage increases surpassing those in 2023. This trend of wage growth, coupled with increasing resistance to yield growth in the corporate sector after the current monetary policy exits, underscores the strengthening of wage growth.

Market Outlook: The strong rhetoric from Takata gives reason to expect Japan to raise rates this year before the Fed. This further highlights the resilience of global economic growth and inflation and sends a new warning to investors that bond yields may still have some time before peaking this year.

Derivatives traders now see a high likelihood of a rate hike by the BoJ in April, with some even modestly betting on a hike in March. However, the prospect of a rate hike by the BoJ has raised new concerns that once domestic yields rise, Japanese investors are more likely to channel funds into domestic bonds rather than foreign bonds.

Moreover, there is also uncertainty about the yen exchange rate, which may appreciate significantly, potentially undermining the value of unhedged foreign bonds.

How Long Can Verbal Intervention Last?_1

Technical Analysis

Despite the potential for further yen appreciation in the short term, we do not believe that the top of the GBPJPY range has been reached. Considering the bearish divergence in the 4-hour MACD, the market is currently undergoing an adjustment, correcting the entire rebound from 178.32. The next target for the bulls is the 192.30 resistance level.

A break below the 188.90 resistance-turned-support level will signal further downside momentum. Bears will target the 38.2% Fibonacci retracement level at 186.33, spanning from 178.32 to 191.29.

From a larger perspective, the uptrend from the 2020 low of 123.94 is in progress. The medium-term outlook will stay bullish as long as 178.32 support holds. The next target is the long-term resistance level at 195.86.

Trading Recommendations

Trading Direction: Long

Entry Price: 189.70

Target Price: 192.30

Stop Loss: 187.70

Valid Until: 2024-03-14 23:55:00

Support: 190.65, 190.02, 189.05

Resistance: 190.65, 191.36, 194.63

Risk Warnings and Disclaimers

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Warren Takunda

Forex

Central Bank

Economic

Summary:

The Japanese Yen strengthened as Bank of Japan board member Hajime Takata's hawkish comments hinted at a potential shift away from negative interest rates, sparking speculation of an interest rate hike.

SELL GBPJPY

Close Time

CLOSED

190.000

Entry Price

188.000

190.700

194.036 +1.252 +0.65%

70.0

Pips

Loss

188.000

190.704

Exit Price

190.000

Entry Price

190.700

The Japanese Yen surged on Thursday following Bank of Japan (BoJ) policy board member Hajime Takata's unexpected announcement advocating for a departure from the Negative Interest Rate Policy (NIRP). This sent shockwaves through the currency markets, resulting in the Pound to Yen exchange rate plummeting by 0.70% to 189.53.

Takata's hawkish stance resonated with investors as he expressed optimism about achieving the inflation target of 2.0%, signaling a potential shift in the BoJ's monetary policy. His comments have intensified speculation of an interest rate hike in the first half of 2024, causing Japanese bond yields and the Yen to strengthen.

The Dollar to Yen exchange rate experienced a 0.66% decline, reaching 149.70, while the Euro to Yen exchange rate fell by 0.64% to 162.28. Carol Kong, a foreign exchange strategist at Commonwealth Bank, highlighted the emerging monetary policy divergence between the Federal Reserve and the BoJ, anticipating a narrowing in interest rate differentials that could weigh on USD/JPY.

Takata's remarks have notably influenced market sentiment, with an 82% probability now priced in for a 10 basis points rate hike at the upcoming April meeting. The policy board member emphasized the need for the BoJ to consider flexible actions, including the potential abandonment of yield curve control and NIRP.

Takata painted a positive picture of the Japanese economy, asserting that it is transitioning away from a chronic deflationary cycle. He pointed towards an upcoming cycle of rising wages and prices, a sentiment echoed by market participants anticipating the outcomes of annual wage negotiations set to be unveiled in mid-March.

Technical Analysis

The GBPJPY pair struggled to maintain levels above additional support at 190.70, indicating the initiation of bearish correctional trades, resulting in a drop to 189.60. Stochastic indicators are providing negative momentum, increasing the likelihood of further declines toward the first additional support at 188.90.

However, a potential rally above 190.70, coupled with a positive close, could negate the negative outlook, paving the way for new bullish waves with an initial target at 191.85. The anticipated trading range for the day is expected between 190.60 and 189.00, with the overall trend leaning towards a bearish sentiment.

In the wake of Takata's hawkish stance, the Pound-Yen pair remains under the influence of evolving market dynamics, with investors closely monitoring developments in the Japanese economy and awaiting the BoJ's next moves in what promises to be a pivotal year for monetary policy.

TRADE RECOMMENDATION

SELL GBPJPY

ENTRY PRICE : 190.00

STOP LOSS : 190.700

TAKE PROFIT : 188.00

Risk Warnings and Disclaimers

Comments

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Warren Takunda

Central Bank

Traders' Opinions

Commodity

Summary:

Gold prices remain steady at $2,035 per ounce ahead of the eagerly anticipated U.S. Personal Consumption Expenditures (PCE) inflation report.

BUY XAUUSD

Close Time

CLOSED

2040.00

Entry Price

2095.00

2016.00

2692.19 +32.14 +1.21%

550.0

Pips

Profit

2016.00

2095.05

Exit Price

2040.00

Entry Price

2095.00

Gold is holding its ground around $2,035 per ounce on Thursday, exhibiting a steady demeanor throughout the week. The precious metal appears to be in a holding pattern as investors brace themselves for a crucial U.S. inflation report that is anticipated to influence the trajectory of interest rates. The impending report on the U.S. Personal Consumption Expenditures (PCE) price index, considered the Federal Reserve's preferred inflation metric, is expected to show a 0.4% increase in January following a 0.2% uptick in December.*

The outcome of this report is particularly significant as a stronger-than-expected PCE deflator could potentially undermine expectations for a Federal Reserve rate cut in the first half of the year, adding pressure on the gold market. The intricate dance between inflation data and monetary policy expectations is a delicate balance that traders are closely monitoring.

Adding to the global financial landscape, in Japan, central bank board member Hajime Takata has urged the Bank of Japan to initiate discussions regarding the potential conclusion of its ultra-loose monetary policy. These discussions encompass considerations such as an exit from negative interest rates and bond yield control, suggesting a potential shift in the central bank's stance.

Technical Analysis

On the technical front, the gold price is exhibiting calm positive trades, gradually approaching the neckline of an inverted head and shoulders’ pattern depicted on the chart. This critical level is situated at $2039.65, and a breach beyond this point is awaited to activate the mentioned pattern. Should this materialize, the gold market is poised to embark on expected gains on both an intraday and short-term basis.

The initial target post-breakout is identified at $2065.70, with further upward momentum expected to extend towards $2095.00. A crucial factor to note is the importance of maintaining a price position above $2016.90 to sustain the anticipated upward trajectory.

The expected trading range for today is delineated between support at $2020.00 and resistance at $2055.00. This implies a certain level of volatility, typical of a market awaiting a pivotal economic report. As of now, the overall trend in the market is deemed bullish, with the technical analysis aligning with a positive sentiment for the upcoming period.

TRADE RECOMMENDATION

BUY XAUUSD

ENTRY PRICE : 2040

STOP LOSS : 2016

TAKE PROFIT : 2095

Risk Warnings and Disclaimers

Comments

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Peterson

Commodity

Summary:

The oscillation range during the day will be 77.0-79.0, and investors are advised to buy low and sell high.

BUY WTI

EXP

EXPIRED

77.000

Entry Price

79.000

76.500

68.117 +0.207 +0.30%

Pips

EXPIRED

76.500

78.055

Exit Price

77.000

Entry Price

79.000

Fundamentals

During the Asian session on Thursday (February 29), WTI crude oil fluctuated in a narrow range and is currently trading around 78.1 dollars per barrel.

Oil prices retreated slightly in the Asian session yesterday, falling as low as 77.5. In the American session, oil prices soared, breaking through the high of 79.2 at the end of January, but they are still under pressure in the 79-79.5 area. Oil prices fell again to 77.7 after the released accumulation of crude oil inventories larger than expected. Throughout the day, the oil prices performed a correction from the high. Yesterday's rally was mainly influenced by the recent upturn in sentiment, but a break above the important resistance zone of 79-79.5 will require substantial positives. However, as the accumulation of crude oil inventories exceeded expectations again, the market was disappointed, and the price trend failed to hold on to the gains as a result.

The time is about to enter March, the production reduction policy has also begun to ferment under the influence of a piece of news on Wednesday. Based on past experience, the result can hardly come out in early March, at least until mid-to-late March. As a result, this will also keep oil prices in an oscillation pattern that has been in place for a long time. But then again, the cut is more of a gimmick. Perhaps most people's psychology is relatively clear, that is, the production reduction will be extended, just to see how long the extension lasts. The prevailing view is that the production cuts will be extended into the second quarter. The market is expecting something beyond expectations.

Trading: Oil prices fell as low as 77.5 in the Asian session yesterday, rebounded as high as 79.3, and finally retraced to 77.7 in late trading. Our strategy traded in the range of 77.5-79.5. The order of going long at lows at 77.5 also fulfilled the profit of the first target of $1.

Data: U.S. commercial crude oil inventories, excluding strategic reserves, rose 4.199 million barrels, or 0.95%, to 447 million barrels in the week ended February 23. Commercial crude oil inventories, excluding strategic reserves, rose by 743,000 barrels, or 0.21%, to 360.3 million barrels. Cushing inventories rose by 1.45 million barrels. Gasoline inventories fell by 283.2 barrels, compared with the expected decrease of 1.46 million barrels. Refined oil inventories fell by 510,000 barrels, compared with the expected decrease of 2.14 million barrels. U.S. EIA Strategic Petroleum Reserve inventories were the highest since the week of May 5, 2023, in the week ended Feb. 23.

News: Russian Deputy Prime Minister Novak: It is too early to discuss the OPEC+ production plan for April. We see a balance between supply and demand in the global oil market, with Russian oil production currently around 9.5 million b/d.

Today, traders need to focus on geopolitical risk changes and the January core PCE data.

Technical Analysis

Under the action of inertia, oil prices retraced 77.5 in the Asian session yesterday. After gaining support, the price rebounded sharply, rising as high as 79.3, which is a record high for the year. Subsequently, oil prices fell under pressure to 77.7. At present, oil prices require the support of bullish data. Relying solely on expectations and a small marginal change in demand may not be able to produce an effective increase, or it will be difficult to sustain the increase. This will also limit the willingness of bulls to chase the upside. Currently, oil prices are also under the pressure of accumulation, constantly testing important resistance areas, which is manifested by repeated oscillations. This at least indicates that the bulls have entered the market, and perhaps the retracement will be more difficult. However, at this stage, there are many variables, and any new factor will turn the scales to one side. Therefore, investors should try their best to control the risk and cherish their current positions.

The technical moves yesterday were almost exactly in line with our expectations. Hourly pullbacks hit a record high after gaining support. In the 1-hour K-line chart today, bullish and bearish penetration are staged in turn, reflecting the characteristics of weak inertia. The MACD indicator formed a death cross near the 0 axis and widened, but it is not much of a reference due to the adhesion of the moving averages. As there is another bullish breakout today, an hourly rally may occur during the day, although the room is expected to be small. Meanwhile, traders need to focus on resistance in the 79-79.5 area. On the 4-hour candlestick chart, the MACD has a death cross trend, which may limit the height of the oil price rally during the day. Judging from the daily timeframe, the current price is still in the upward channel. However, the large-range oscillation pattern may remain unchanged in the short term due to the adhesion of the MACD indicator and the fact that oil prices are currently the center of the channel, with wide upper and lower spaces. During the day, trading investors can still buy low and sell high in the range of 77.0-79.0. As Crude Oil Inventories Increase More Than Expected, Oil Prices Correct from the High_1

As Crude Oil Inventories Increase More Than Expected, Oil Prices Correct from the High_1

Trading Recommendations

Trading Direction: Long

Entry Price: 77.000

Target Price: 79.000

Stop Loss: 76.500

Support: 77.000/75.500

Resistance: 78.500/79.500

Risk Warnings and Disclaimers

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Oil Prices Retreat Due to the Lack of Buying Support

Fundamentals

Technical Analysis

Trading Recommendations

Gold Prices Surge Higher as Inflation Eases

Fundamentals

Technical Analysis

Trading Recommendations

Intensified Volatility in Crude Oil Market with Mixed Inventory Data

Fundamentals

Technical Analysis

Trading Recommendations

How Long Can Verbal Intervention Last?

Fundamentals

Technical Analysis

Trading Recommendations

Takata's Comments Trigger Yen Rally, Pound-Yen Pair Dips 0.70%

Gold's Journey Towards $2,095 Hinges on US PCE Inflation Numbers

As Crude Oil Inventories Increase More Than Expected, Oil Prices Correct from the High

Fundamentals

Technical Analysis

Trading Recommendations

Risk Disclosure