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News
U.S. crude oil closed lower on Friday (July 2). The U.S. dollar fell. Oil prices closed below the dollar on Friday and posted their biggest weekly drop in six weeks despite data showing the number of active U.S. rigs fell for the first time in months on concerns that the Organization of the Petroleum Exporting Countries would not fully implement its planned production cuts.
Beijing time in the early morning of Saturday: OPEC representatives announced the end of the day's meeting. According to Twitter, the meeting did not reach an agreement because Iraq and Iran refused to freeze production at the OPEC technical meeting in Vienna on the grounds that OPEC underestimated their oil production. As soon as the news came out, international oil prices fell, and U.S. oil prices fell in the short term. The U.S. dollar fell below the U.S. dollar mark. This week, oil prices are set to experience their largest weekly decline since mid-month.
Crude oil market analysis
Crude oil closed on the weekly solid negative line, ending the previous consecutive positive upward trend. Oil prices fell below in one fell swoop. And touched the middle track support of the Bollinger Bands. The area broke down again due to the internal production freeze meeting. The daily line runs below the middle track of the Bollinger Bands. The daily moving average and the daily moving average continue to cross and exert downward pressure. The indicator in the attached picture is a dead cross. The green volume can grow R and diverge downward. The daily trend is bearish. The hourly line looks at a big negative line. The opening of the Bollinger Bands of the closed low-level cross star line downwards opened a second dead cross below the zero axis. On the whole, Chen Shaohan expects that the market will fall next Monday, and his main operation will be rebound and short selling. Focus on the competition at the top.
U.S. crude oil operation suggestions for next Monday
Short stop loss at the top. Target.
Long stop loss at the bottom. Target.
Silver technical analysis
Looking at the trend of spot silver, In the hourly chart, the third track of the Bollinger Bands began to show a downward trend because the silver price fell below in the European market. However, the silver price stopped falling and rebounded again, as in the previous trend, so there is still a chance for the market to rebound. But now, as the central rail begins to suppress the silver price downwards, coupled with the upcoming US data, if the results are positive for the US dollar, the silver price may fall to near or even lower. If the result is negative for the US dollar, the silver price may return to the top. From the indicators, Chen Shaohan's fast and slow lines have begun to close and turn upward, and the green kinetic energy is also shrinking slightly.
Silver operation suggestions
Operation strategy: sell high, buy low
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