Crude News

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.

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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.