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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 211531, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - OPEC+ ignores US pressure[/JUSTIFY][/HEADING] [JUSTIFY]Cartel Secretary General Haitham al-Ghais said that the increase in production in September by 100 K barrels per day is not a mechanism for influencing oil quotations but acts as a check to ensure a complete balance of supply and demand. According to members of the organization, it is not the oil price that causes much greater concern but the low financing of the oil sector in the world, which this year has decreased from 600 B dollars to 450 B dollars. Thus, according to the results of the meeting, Russia and Saudi Arabia will increase production by 26.0K barrels per day, and the remaining 48.0K will fall on other members of OPEC+. Demand for contracts by investors continues to decline gradually, reaching its lowest levels since 2016. According to the US Commodity Futures Trading Commission (CFTC), net speculative positions amounted to only 253.8K compared to 259.3K a week earlier. [img]https://i.ibb.co/F59dk3c/oil.png[/img] On the global chart of the asset, the price is moving within the local downward channel, heading towards the support line. Technical indicators keep a clear sell signal and completely exclude a reversal: fast EMAs of the Alligator indicator move away from the signal line, and the AO oscillator histogram forms bars with a downward trend in the sell zone. [/JUSTIFY] [B]Resistance levels[/B]: 96.48, 105.23 | [B]Support levels[/B]: 92.48, 85.60 [/QUOTE]
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