Crude oil market trend analysis and layout strategyHello, traders.
The oil market's attention has shifted to the two-day Federal Reserve meeting, which begins Tuesday. Investors are pricing in a possible rate cut, with Fed funds futures indicating a 67 percent chance of a 50 basis point cut. A dovish Fed decision could lower borrowing costs, spur economic growth and support oil demand. However, deeper production cuts could also signal underlying economic weakness, which could weigh on crude prices in the longer term. Despite these bullish supply-side factors, concerns about weakening crude demand have limited any significant gains in oil prices. Weak economic data continues to weigh on global oil demand forecasts and limit price recovery, although disruptions on the supply side have provided some support.
Crude oil today again appeared the trend of bottoming out, after touching $69.01, oil prices appeared a long extension, the highest point touched $70.9 around the hovering. Crude oil from the daily chart level, the medium-term trend still fell below the interval along the support, showing a downward rhythm. Moving average system short arrangement, medium-term objective trend downward. The downtrend line still forms a pressure, and the strength of the current rebound is limited, focusing on whether the 71.4 area is firm. At the four-hour level of crude oil, oil prices bottomed out, oil prices repeatedly crossed the moving average system, and short-term objective trends shook and organized operations. Oil prices have been supported again in the 69.5 area, and this level will be regarded as an important bullish platform support in the future. Based on the above analysis, I believe that crude oil has bottomed out again and bulls are expected to continue.
Today's operation to consider the withdrawal layout of multiple orders,
Buy 69.0-69.5
TP69.8
TP70.1
TP70.4
TP70.7
SL68.5