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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 208439, member: 83167"] [JUSTIFY][B]Crude Oil, growth is possible, but correction risks remain[/B] The quotes of WTI Crude Oil have formed a short-term upward channel and this week have reached its upper limit around 115.5. Currently, prices are supported by positive pandemic data from China and a reduction in oil inventories in the United States. Today it became known that the Chinese authorities allowed 864 institutions to resume work in Shanghai after no new coronavirus cases were recorded outside the quarantine zones of the metropolis for three days. The retreat of the pandemic and the reopening of China's leading financial center give investors hope for stronger demand for oil in the Chinese economy. At the same time, US oil inventories declined again. According to the latest report from the American Petroleum Institute (API), the volume of oil reserves in the United States decreased by 2.445M barrels. So far, the situation seems to be favorable for the market. However, significant risks of price correction remain. They are associated with the postponement of the announced but still not implemented EU embargo on the supply of Russian "black gold." Experts fear that Hungary, which opposes the restrictions, will not be persuaded, or this process may be extremely protracted. Another negative factor for prices could be a US government permit for Chevron Corp. to negotiate oil supplies from Venezuela. If successful, the volume of energy supplies to the market may increase. [img]https://i.ibb.co/f282FGr/crude-oil.png[/img] Further price growth is slowed down by the upper limit of the rising channel, around 115.50. If it consolidates above it, the positive dynamics will continue to 118.75 (Murrey [3/8]) and 125.00 (Murrey [4/8]). If 111.50 (Fibonacci retracement 23.6%) is broken down, a correction to 106.25 (Murrey [1/8], the middle line of Bollinger Bands), 102.50 (Fibonacci retracement 38.2%, the lower limit of the ascending channel) may develop. The indicators do not give a single signal: Bollinger bands reverse upwards, the MACD histogram increases in the positive zone but Stochastic is getting ready to leave the overbought zone and may form a sell signal. Resistance levels: 115.5, 118.75, 125 | Support levels: 111.5, 106.25, 102.5[/JUSTIFY] [/QUOTE]
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