Restricted crude oil production drives up oil prices
The United States further tightens restrictions on Iranian oil exports, including imposing sanctions on Chinese refinery Shandong Shouguang Luqing Petrochemical Co., Ltd., which purchases Iranian crude oil. Strengthening US sanctions on Iranian oil exports is an upward risk for the oil market. Iran's crude oil exports in February were about 1.4 million barrels per day, and President Trump has vowed to further reduce this export volume. Drive up oil prices.
From the daily chart level, the medium-term trend of crude oil continues to fluctuate around the low level after falling below the lower edge of the range. The oil price is suppressed by the moving average system, and the mid-term objective trend is downward. However, in terms of momentum, the bearish advantage is not strong, and it is expected that the medium-term trend will continue to maintain a fluctuating rhythm, waiting for a downward breakthrough to establish a downward trend.
The short-term (1H) trend of crude oil was blocked and fell back along the range, but eventually rebounded and rebounded, without breaking through the new high point. Long and short kinetic energies are mutually anxious. The objective direction of the short-term trend is unclear, and the subjective direction is upward. It is expected that crude oil will break through the upper resistance of the range and continue to rise within the day, but the space is limited.
Today's trading strategy: Buy long at 68.15, stop loss at 67.60. Target at 69.70
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