As market participants await positive outcomes from negotiations between a major Asian economy and the U.S., crude oil prices edge higher modestly. During Tuesday's Asian session, Brent crude oil futures rose by $0.12 to $67.16 per barrel, while U.S. WTI crude oil gained $0.13 to $65.42, briefly hitting a new high since April 4th intraday. In the previous trading day, Brent surged to $67.19, the highest level since April 28th, primarily driven by market expectations of a potential deal between the U.S. and China.
Current oil prices stand at a crossroads of multiple factors. In the short term, the global trade landscape dictates the main thread of market sentiment. If a mitigation plan is reached, it will boost demand expectations. However, the resumption of Iranian exports and OPEC's production increase strategy may lead to a potential supply glut in the second half of the year, emerging as the primary risk suppressing oil prices.
Technically, the K-line has pierced below the moving average system, indicating a shift in the short-term objective upward trend. The formation of a large-bodied bearish candle in the subsequent session establishes the main rhythm, suggesting that oil prices may further decline to around $63.50 today before seeking new support.
Overall, today's trading strategy for crude oil is recommended to focus on rebound shorting as the primary approach and pullback long positions as a supplement. In the short term, monitor resistance at the $67.5-68.0 range, while support lies at the $65.0-64.5 level.
Humans need to breathe, and perfect trading is like breathing—maintaining flexibility without needing to trade every market swing. The secret to profitable trading lies in implementing simple rules: repeating simple tasks consistently and enforcing them strictly over the long term.
Current oil prices stand at a crossroads of multiple factors. In the short term, the global trade landscape dictates the main thread of market sentiment. If a mitigation plan is reached, it will boost demand expectations. However, the resumption of Iranian exports and OPEC's production increase strategy may lead to a potential supply glut in the second half of the year, emerging as the primary risk suppressing oil prices.
Technically, the K-line has pierced below the moving average system, indicating a shift in the short-term objective upward trend. The formation of a large-bodied bearish candle in the subsequent session establishes the main rhythm, suggesting that oil prices may further decline to around $63.50 today before seeking new support.
Overall, today's trading strategy for crude oil is recommended to focus on rebound shorting as the primary approach and pullback long positions as a supplement. In the short term, monitor resistance at the $67.5-68.0 range, while support lies at the $65.0-64.5 level.
Humans need to breathe, and perfect trading is like breathing—maintaining flexibility without needing to trade every market swing. The secret to profitable trading lies in implementing simple rules: repeating simple tasks consistently and enforcing them strictly over the long term.
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You❗️CAN and ❗️SHOULD make money in trading!
t.me/+jqmDDXFtAyNhMjZk
"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk\
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
t.me/+jqmDDXFtAyNhMjZk
"The Golden Key to Financial Freedom"
t.me/+jqmDDXFtAyNhMjZk\
Join me, I'll guide you to PROFITABLE TRADING💵!
t.me/+jqmDDXFtAyNhMjZk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.