USOIL fell sharply, next week market analysis and strategy!!!
WTI CRUDE OIL TVC:USOIL
Strategy-King
Market sentiment remains bearish amid persistent concerns about weakening demand. Economic indicators have shown mixed signals, with slower private sector job growth and steady service sector activity suggesting the U.S. labor market is cooling. U.S. crude inventories fell significantly by 6.9 million barrels, providing some support, but concerns about future demand appeared to outweigh this upbeat reading. The inventory drawdown had little lasting impact on prices, underscoring the market's focus on demand-side factors. Opec + agreed to delay planned oil production increases in October and November, which could cut global oil supplies by 100,000 to 200,000 barrels a day. However, the market remains skeptical about OPEC+ 's long-term impact on oil prices, given its ample spare capacity. Ongoing political tensions in Libya have disrupted its oil production, providing temporary support to global oil prices. However, a potential resolution of the civil conflict could lead to an increase in Libyan supply, putting further pressure on the market.
Crude oil has traded in a tight range today, bottoming out at $68.7 and then rebounded to hover in the 70.0 area. The daily level of crude oil shows that the oil price has a small cross star shape closing after a continuous negative, the high price has not broken the previous high, and there is still a low partial empty form, and the probability of a pullback at any time if it does not go up. 4 hours attached chart MACD red column slow release energy, fast and slow line also formed a gold fork, KDJ random index three track in oversold area bonding, the follow-up will also be gold fork up, Thursday and Friday morning lows are in the 68.7 line, short-term attention to whether the position is broken, not broken may appear a rebound.
Based on the above analysis, I believe that crude oil is hovering in a low shock, and the breaking level is expected to continue.
Next week, the operation is still considering the rebound to short, low more than auxiliary, above attention to $70.7-71.4 resistance, below attention to $67.5-67.0 resistance, breaking will look down. On Friday, crude oil was short at 69.3-69.6 once, with gains around 68.8.
