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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 213585, member: 80239"] [JUSTIFY][img]https://i.ibb.co/VJcb5ST/800x80.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]Crude Oil - Waiting for the OPEC+ meeting[/JUSTIFY][/HEADING] [JUSTIFY]Over the past few months, the oil market has been under serious pressure due to growing signs of a slowdown in the global economy and the strengthening of the US dollar, supported by the actions of the US financial regulator to tighten monetary policy. To stabilize prices in the current environment, leading exporters may go for another reduction in production, the most significant since the beginning of the coronavirus pandemic. The next summit of the OPEC+ cartel and its allies will take place on Wednesday, and, according to sources within the organization, it may decide to reduce the production of “black gold” by 1 million barrels per day or even more. It is worth noting that already now exporters cannot fully carry out the established production quotas due to a lack of investment or sanctions pressure on the industry. Experts believe that a change in existing plans may lead to a momentary increase in oil prices, but the general market downward trend will continue, as the risks of a recession in the global economy will continue to grow. [img]https://i.ibb.co/yq90VcC/oil.png[/img] The price is close to the level of 90 (the center line of Bollinger Bands), a breakout of which will give the prospect of further growth of quotations to the levels of 93.5 (Murray [7/8], Fibonacci retracement of 61.8%), 96.4 (upper line of Bollinger Bands). The key point for the "bears" seems to be 87.5 (Murray [5/8]), consolidation below which may lead to a decline to the area of 81.25 (Murray [5/8]), 75.00 (Murray [4/8]). [B]Resistance levels[/B]: 90, 93.5, 96.4 | [B]Support levels[/B]: 87.5, 81.25, 75[/JUSTIFY] [/QUOTE]
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