Crude oil is affected by geopolitical factors and returns to fluctuating intervals
The escalating violence in the Middle East has raised concerns about potential supply disruptions in major oil producing regions. Putin's refusal to support the one month broader ceasefire agreement negotiated between the Trump team and Ukrainian officials in Saudi Arabia indicates that despite reaching a temporary agreement on energy related attacks, tensions continue and WTI prices fluctuate frequently.
From the daily chart level, the medium-term trend of crude oil remains within a wide upward channel, and the oil price gradually falls back to the lower edge of the channel. There have been multiple instances where a single trading day has swallowed up all the gains made earlier in the week, with bearish forces having a greater advantage. The medium-term trend of crude oil remains within the range of oscillation and downward, and the lower edge of the channel has been breached. It is expected that the medium-term decline of crude oil will soon begin.
The short-term trend of crude oil (1H) has not yet formed a clear direction, and the oil price has fallen to around 66.30 and is rising again. The short-term objective trend maintains a fluctuating rhythm and returns to the original range of fluctuations. In the morning session, oil prices continued to rise, with insufficient bullish momentum. It is expected that crude oil will maintain a range of fluctuations within the day.
Today: Short selling at 68.30, stop loss: 68.80. Target: 67.00
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