Crude oil trend review: International oil prices fell for the second week in a row, hitting a new low since mid-May. As Federal Reserve Chairman Powell said that he would fight inflation at all costs, the Biden administration was considering suspending the federal gasoline tax. The PMI data in Europe and the United States performed poorly, and OPEC is expected to + Will continue to accelerate production.
WTI could fall below $100 a barrel ahead of the July 4 U.S. holiday. U.S. President Joe Biden is calling on Congress to pass a three-month moratorium on the federal gasoline tax of 18.4 cents a gallon to help lower record gasoline prices and provide temporary relief to American families this summer.
Over the past week, Biden has attacked oil producers for distributing billions of dollars to shareholders and building up cash reserves instead of increasing production.
The tactic has angered lawmakers and voters as inflation soars to its highest level in 40 years. Biden’s continued pressure on oil companies has put selling pressure on oil companies as investors hate any uncertainty, even if it doesn’t make sense given current supply and demand, and the administration appears to be panicking about high inflation .
Crude oil trend analysis : Last Friday, crude oil fluctuated sideways and rebounded slightly during the European session. It is currently measured around 106.5, but the hourly chart structure, the short-term market is still in the triangle shock range, 106.5-107 is expected to suppress some, but there are also relatively The market continues to trade sideways after a large variable risk.
The daily chart of crude oil shows stagnation and decline. At present, the price is descending along the BOLL track, and the KD index is running in the oversold area. It is expected that the probability of a medium-term decline is high. The hour-by-hour chart shows a low-level volatility trend. The current price low-level volatility is still narrowed, and the KD index is moving upwards. It is expected that the short-term volatility probability is high.
To sum up: Crude oil today recommends to step back to low and more, supplemented by high-altitude rebound.
Crude oil operation suggestion:
The short-term concern above is 108.5-109.0 first-line resistance
The short-term attention below is 105.0-104.5 first-line support