USDX
100.490

0.27%

XAUUSD
3277.46

1.45%

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61.533

1.50%

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1.12180

0.19%

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1.32850

0.00%

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146.114

0.53%

USNDAQ100
20484.20

2.11%

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      Failing to Rise Further, Crude Oil Starts to Retrace

      Commodity
      Summary:

      Today's oscillation range will be 79.5-82.0, and it is better to buy low and sell high.

      Buy WTI
      End Time
      CLOSED

      79.500

      ENTRY

      82.000

      TGT

      78.500

      SL

      61.533 +0.910 +1.50%

      1000

      Points

      Loss

      78.500

      SL

      78.500

      CLOSING

      79.500

      ENTRY

      82.000

      TGT

      Fundamentals

      During Friday's (July 19th) Asian session, WTI ascended slightly, and it is now trading at 80.4.
      Yesterday, crude oil oscillated substantially and finally fell from highs and closed lower. It failed to ascend further after a short rebound, indicating insufficient momentum, and crude oil oscillated driven by expectations and sentiment. On the demand side, core consumption countries including China and the U.S. did not show strong demand, and news reported that the OPEC+ won't change its schedule to increase production in Q4 at the August meeting. As a result, oil bulls lost their confidence.
      Now, the market expects that oversupply will occur as OPEC+ plans to phase out its 2.2 million bpd of voluntary production cuts by October 2025. But looking at the crude oil market this year, it is too hard to consume such tremendous outputs. The oil price is now in an oscillating pattern at the beginning of the peak season. Although crude oil has not been boosted by the demand side in the past weeks, it will not decline much as Q3 is a period of higher consumption.

      Technical Analysis

      Yesterday, crude oil closed with a bear candle, which was a Harami pattern. Under such a bearish signal, crude oil may keep declining today. Moreover, we said that the bullish momentum was fully released, and the MACD line entered the overbought zone, which suggested a retracement in the 1H chart. Currently, crude oil plunges to 80.5 and tests the support. If it drops below this level, crude oil is likely to arrive at 79.5 for support, where aggressive investors can go long with small positions.
      Failing to Rise Further, Crude Oil Starts to Retrace_1

      Trading Recommendations

      Trading direction: Buy
      Entry price: 79.50
      Target price: 82.00
      Stop loss: 78.50
      Support: 79.50/78.50
      Resistance: 80.50/82.000
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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      Peterson

      Analysts

      As a seasoned trader, I possess a distinctive perspective on the supply and demand dynamics, price fluctuations, and market trends of copper, gold, crude oil, and other bulk commodities. This allows me to promptly seize trading opportunities and make informed decisions.

      Rank

      --

      Articless

      589

      Win Rate

      0.00%

      P/L Ratio

      1.42

      Focus on

      XAUUSD, WTI, USDJPY

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