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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 210768, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - a sharp increase in production from OPEC+ is not expected[/JUSTIFY][/HEADING] [JUSTIFY]Short-term support for prices is provided by the results of the visit of US President Joe Biden to Saudi Arabia. Investors expected that the head of the White House would be able to agree with the world's leading exporter on a serious increase in the production of "black gold", if not immediately, then in the near future, but this did not happen, so an aggressive increase in production by the countries participating in the OPEC+ deal should not be expected yet. The cartel is likely to maintain the current monthly pace of 648K barrels per day. [img]https://i.ibb.co/xJZG8HM/oil.png[/img] At the moment, the price is close to the level of 107.9 (Fibo retracement 38.2%, the middle line of the Bollinger Bands), consolidation above which will allow the instrument to strengthen to the level of 112.5 (Murray [4/8]), 117 (Fibo retracement 23.6%). The key for the "bears" is seen at 103.12 (Murray [1/8]), with a breakdown of which a decline to the area of 100 (Murray [0/8], Fibo retracement 50.0%) and 96.88 (Murray [-1/8]) is likely. Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, and the Stochastic has reversed upwards. [B]Resistance levels[/B]: 107.9, 112.5, 117 | [B]Support levels[/B]: 103.12, 100, 96.88[/JUSTIFY] [/QUOTE]
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