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      Long at Lows as Production Cuts Are Expected to Strengthen

      Summary:

      OPEC+ production cut is expected to strengthen again in the face of the recent weak oil market, so we can go long on WTI crude at lows in the short term.

      BUY WTI
      EXP
      EXPIRED

      80.000

      Opening Price

      87.000

      TP

      78.000

      SL

      83.657 +0.227 +0.27%

      --

      Point

      EXPIRED

      78.000

      SL

      91.171

      Closing Price

      80.000

      Opening Price

      87.000

      TP

      Fundamentals

      OPEC+ will hold its first face-to-face meeting since the pandemic. JPMorgan Chase and other investment banks predict the organization may need to cut production by at least 500,000 barrels per day (bpd) to stabilize oil prices, and Royal Bank of Canada believes OPEC+'s production cuts will be twice as large as speculation. According to media reports, the larger-than-expected cut reflects OPEC+'s concern about the rapid global economic slowdown at a time when monetary policy is rapidly tightening.
      OPEC and non-OPEC producers are considering cutting oil production by more than 1 million bpd, Reuters reported on October 2. OPEC+ may consider cutting production by more than 1 million bpd at its Oct. 5 meeting in Vienna, an OPEC representative said.

      Technical Analysis

      In the daily chart, the daily candlestick is oscillating around 81.5 which is the resistance level in the 4-hour timeframe. The current downside channel remains smooth, but the price is likely to challenge the pressure at the upper edge of the channel. Later on, we will observe whether the price can successfully stabilize above the 20-day SMA, and we will still expect it to rebound.
      WTI: Long at Lows as Production Cuts Are Expected to Strengthen_1

      Trading Recommendations

      Trading direction: Long
      Entry price: 80.000
      Target price: 87.000
      Stop loss: 78.000
      Support: 78.000, 75.000
      Resistance: 85.000, 87.000
      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.

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      King Ten

      Analyst

      Focus on macroeconomic analysis with extra attention to the geopolitical impact on financial markets.

      Ranking

      4

      Articles

      316

      Win Rate

      66.28%

      P/L Ratio

      0.34

      Focus on

      XAUUSD, WTI, COPPER

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