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International oil prices continued to rise on Tuesday For the fifth consecutive day of gains, U.S. crude oil monthly futures hit a maximum of .USD/barrel, approaching the nearly two-week high hit recently, and Brent crude oil monthly futures hit a maximum of .USD/barrel. News that some countries are calling for production cuts still gives Oil prices provide support, but we need to be reminded that U.S. oil has rebounded by nearly % from below the US dollar and is currently facing resistance near the middle rail of the Bollinger Band. If it cannot break through quickly in the short term, it may usher in a short counterattack.
Concerned that the U.S. election will drag down the rate hike process, gold prices rebounded as expected and are about to return to the daily average line
Last week’s U.S. non-farm payrolls report greatly encouraged the Federal Reserve’s confidence in raising interest rates within the year, but in view of the fact that before the U.S. election The Federal Reserve has never taken any action to raise interest rates, and the pound has fallen below the . Formed, before effectively breaking through this position, gold prices may still fall below the US dollar mark.
A similar production freeze meeting initiated by the member countries of the Organization of the Petroleum Exporting Countries in March this year was unsuccessful, but the recent production freeze has once again emerged. UBS Group said on Wednesday (May 1) that factors hindering the production freeze agreement are still During the informal meeting in March, it may be difficult to reach an agreement. Yu Weiyan believed that despite the efforts of Venezuela and Ecuador, there may not be an agreement on crude oil production. He was deeply skeptical about rumors of a production freeze, and believed that speculation about production restrictions would only have a limited boost to oil prices. It is difficult to say whether the production freeze will actually happen in the end. Even if the relevant countries reach an agreement this time, it will not have any impact on the actual supply of the international oil market, and the boost to oil prices will be very limited.
The price recovered from the intraday low and recovered all losses, returning to the US dollar mark. The short-term rebound trend has not changed, but in view of the weakness of fundamentals, the upside space is limited. Oil prices rose to a two-week high, triggering profit-taking by bulls. Although some countries have called for a production freeze, the possibility of intervening in the oil market remains low. This kind of market speculation has limited power to push up oil prices. Oil prices are still in a corrective trend against the decline since last month, and may test the resistance of the US dollar in the short term.
Oil market analysis
From the daily chart, the price has been running along the daily moving average. After trying to break through the moving average pressure yesterday to no avail, there was a callback, forming a golden cross with a red volume column diverging upward. , on the whole, there is still upward momentum, coupled with the negative sentiment in the morning, on the whole, there will be a relatively strong correction during the day, and the idea is to rebound short, focusing on the daily moving average pressure and the evening data report
Conference< br/>Short near the US dollar, stop loss defaults, the target is US$
Go long near the US dollar, stop loss defaults, the target is near., break the position. Hold long orders nearby
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