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Message: [QUOTE="SOLIDECN, post: 207778, member: 80239"] [JUSTIFY][img]https://i.ibb.co/brFq2Jc/oil-forum-2.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]Mid-term trend has changed to a downward one[/JUSTIFY][/HEADING] [JUSTIFY]WTI Crude Oil quotes are trading around 103.66 amid the publication of data on a drop in production in China to the lowest value since February 2020 after another outbreak of coronavirus infection in the country (the April purchasing managers' index (PMI) was fixed at 47.4 points). If a lockdown or other strict quarantine restrictions are introduced in Beijing, which will become a catalyst for stopping the activities of the largest production facilities, then the demand for oil will be significantly adjusted, pushing energy prices to bearish dynamics. At the moment, the activity of oil traders remains reduced, as markets in Japan, India and Southeast Asian countries are closed at the beginning of the week due to the celebration of Labor Day. Investors are waiting for the publication of the sixth sanctions package against the Russian economy, which, among other things, will contain steps to cancel energy supplies. Representatives of the eurozone countries intend to completely get rid of oil dependence by the end of the year, and until that time they will introduce gradual restrictions on imports. It is worth noting the unity of positions on the issue: Germany stated that it was ready to support an immediate EU embargo on the import of Russian "black gold", and the authorities of Hungary, Austria and Slovakia withdrew their veto on the oil embargo after intensive negotiations, which will now allow the procedure to be carried out in a shorter time. Earlier, the Energy Ministers of the region also rejected Russia's demand to pay for the supply of "blue fuel" in rubles. The long-term trend, however, remains upward. Now the price is approaching the upper limit of the 108.75 corridor and, if this level is broken out, the next target of quotations will be the 117.50 mark. If the resistance of 108.75 is held by the bidders, then the asset will decline to the level of 95. [img]https://i.ibb.co/hf195fw/oil1.png[/img] The mid-term trend changed to a downward one last week after the breakdown of the target zone 100.70–99.83 and now the reference point for the "bears" is zone 2 91.95-91.08. Also last week, the price of WTI Crude Oil reached the key trend resistance of 105.09–104.22. While this area is being held, it is worth considering short positions on the instrument. At the moment, market participants are trying to break through the key resistance of 105.09–104.22. If successful, the trend will change to an upward one, and the target zone (113.84–112.97) will become the target for purchases. Resistance levels: 108.75, 117.5 | Support levels: 95, 85 [img]https://i.ibb.co/nbty6Dj/oil2.png[/img][/JUSTIFY] [/QUOTE]

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