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HotForex: New market analysis services.
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[QUOTE="HFM, post: 200096, member: 32345"] [b]Date : 3rd October 2021. Oil market hold near 7-year high.[/b] [URL='https://analysis.hotforex.com/wp-content/uploads/2021/02/Energy-oil.png'][IMG]https://analysis.hotforex.com/wp-content/uploads/2021/02/Energy-oil-696x364.png[/IMG][/URL] [B]USOIL[/B] is trading just over [B]$78[/B] per barrel, while [B]UKOIL[/B] has spiked to [B]$82.70,[/B] both above the highs seen yesterday after [B]OPEC[/B] and its allies confirmed that they will be sticking with previously agreed output increases, rather than extending production further in the light of global energy constraints. However that wasn’t a surprise even though markets initially felt threatened by it! [B]USOIL[/B] prices are at 7 year highs while UKOIL is at 3 year highs. Given the spike in natural gas prices ahead of the European winter, oil prices will likely also remain underpinned. In the meantime, China angst and stagflation concerns continue to linger, but there are fears that price jumps in wider energy markets will push up oil prices, while capping the recovery not just in the manufacturing sector. Central bank officials are doing their best to calm nerves, but investors remain jittery. OPEC+ will meet again on November 4 and some expect the allies to meet again beforehand to discuss demand. [URL='https://analysis.hotforex.com/wp-content/uploads/2021/10/2021-10-05_16-55-32.jpg'][IMG]https://analysis.hotforex.com/wp-content/uploads/2021/10/2021-10-05_16-55-32-1024x465.jpg[/IMG][/URL] [URL='https://www.reuters.com/business/energy/opec-seen-keeping-oil-output-policy-unchanged-opec-sources-say-2021-10-04/']Oil prices[/URL] have already surged more than 50% this year, a rise that has added and could continue adding to inflationary pressures that oil-consuming nations such as the US and India are concerned will derail recovery from the pandemic. [B]USOIL’s recent bullish pressures have been extended, breaking the upper weekly Bollinger band at 78.00, and upwards pressure is keeping the outlook bullish[/B]. The simple moving averages (SMAs) are extending northwards (20-, 50- and 200-day) endorsing medium term direction, with the overbought condition in the near term indicating a possible correction of the 2-month rally. The daily MACD and RSI are positively configured, presenting the possible advent of further bulls, while the short term Stochastic is struggling to be sustained into bullish territory, promoting a near term pullback. If upside defences keep sellers at bay, the price may pullback to test the previous resistance (converted into support band of [B]68.00-70.00).[/B] [URL='https://analysis.hotforex.com/wp-content/uploads/2021/10/2021-10-05_16-56-18.jpg'][IMG]https://analysis.hotforex.com/wp-content/uploads/2021/10/2021-10-05_16-56-18-1024x585.jpg[/IMG][/URL] [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hotforex.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hotforex.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hotforex.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Andria Pichidi Market Analyst HotForex Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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