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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 209851, member: 80239"] [JUSTIFY][img]https://i.ibb.co/rkMZX2L/6.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]Crude Oil - prices retreated to new local lows[/JUSTIFY][/HEADING] [JUSTIFY]The trading instrument is under pressure from the rhetoric of US Federal Reserve Chairman Jerome Powell, who, during a speech in the Senate Committee on Banking, Housing and Urban Affairs, announced the continuation of the "hawkish" course of the regulator regarding the adjustment of interest rates to combat record inflation. At the same time, experts are worried that too sharp tightening could provoke a recession in the national economy. In June, the department decided to raise the rate by 75 basis points, and now analysts are trying to predict how the rate will change during the July meeting. A similar situation is developing in other countries: thus, this month, the Bank of England raised the rate for the fifth time. Cecilia Rose, chairman of the council of advisers to the head of the White House on economics, noted that the decline in prices for "black gold" could be triggered by increased supplies of Russian energy resources to China and India against the backdrop of the discount policy he presented. In particular, China increased imports by 55% YoY, about 2M barrels per day. The dynamics of the asset slowed down after the publication of data on stocks of raw materials in the US. Thus, the report released on Wednesday from the American Petroleum Institute (API) reflected a sharp increase in the index for the week of June 17 by 5.607M barrels after an increase of 0.736M barrels over the previous period. The final statistics from the Energy Information Administration of the US Department of Energy (EIA) have not yet been released due to technical problems. [img]https://i.ibb.co/HHhjvRG/oil-1.png[/img] On the daily chart, Bollinger Bands are steadily declining: the price range is expanding, letting the "bears" renew local lows. MACD falls, keeping a fairly strong sell signal (the histogram is below the signal line). Stochastic reverses into a horizontal plane near 20, signaling that the instrument may become oversold in the ultra-short term. [B]Resistance levels[/B]: 105, 107.67, 110, 113.13 | [B]Support levels[/B]: 103, 101.09, 100, 98 [img]https://i.ibb.co/8bLY2dL/oil-2.png[/img][/JUSTIFY] [/QUOTE]
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