OPEC and its allies are considering cutting oil production by another 500,000 barrels a day as public health emergencies impact oil demand. OPEC and its allies, including Russia, are considering a ministerial meeting from February 14 to 15, which is ahead of the meeting scheduled for March. However, this did not give a boost to the plunge in oil prices. On February 3, US oil broke through the $ 50 mark, and cloth oil fell more than 4%. The $ 50-51 / barrel range has supported oil prices three times last year, and a break of $ 50 for US oil is an ominous sign.
Technical aspects of crude oil
Oil prices hit another low after hitting a new low of 50.97 at the end of the day. The daily line recorded a negative line with a long shadow line, MACD dead fork, moving averages are short, and there are signs of further decline in the short-term oil price. The support is near the low of 50.97 on Friday, and further near the low of August at 50.52, and then the 50 integer mark; however, due to the current oversold KDJ, a long shadow cross star was recorded on Thursday, and there is still strong support near 50.97. However, there is still a chance of a large shock rebound in the short-term. The low of 52.39 on October 15 has been converted into preliminary resistance above. The 5-day moving average resistance is around 52.89 and the high resistance on January 29 is around 54.37. Above the position can effectively reverse the current downtrend; in a comprehensive view, today ís short-term operation ideas are still based on high altitude, supplemented by low; the focus is on the 53.6-53.8 resistance, and the support on the 50.6-50.2. Gold operation recommendations:
1. The rebound above the crude oil does not break the short line of 51.6, and the stop loss is 0.5 US dollars, and the target is 50.4-50.2; 2. The callback below the crude oil does not break the 49.6 line, and the long stop is 0.5 US dollars.
The above views are for reference only. Please make your own trading decisions. The market is changing rapidly. The specific operations are based on the real-time strategy in the intraday.
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