Review of crude oil trends: On Tuesday (July 5), during the Asia-Europe session, U.S. crude oil fell slightly, and the current trading volume was around $109.79 per barrel. A rebound in coronavirus fears, lingering recession fears, weaker momentum in the manufacturing and freight sectors dampening the demand outlook, combined with a drop in long crude oil positions,put mild pressure on oil prices .
However, there is still a chance for oil prices to rise in the near term as a strike by oil and gas workers in Norway is expected to disrupt oil and gas production and fuel concerns about tight supply.
Analysis of crude oil price trend today: 4-hour level: impact; Berlin line orbit horizontally. Pay attention to the breakthrough of the 105.03-113.29 track of the Pulin Line. At present, the oil price has risen above the middle rail of the Bollinger Band, and the MACD golden fork is running. Further tests of resistance near the Bollinger Bands track 113.29 are still expected in the near term. If there is a further breakout, the bullish signal at the midline will increase. In the short term, there is also some resistance around 111.93.
In view of KDJ’s initial dead fork, please pay attention to the bracket near the middle rail of Bollinger Bands below 109.16. A break below this level would weaken the short-term bullish signal; further support is around 106.88. Short-term bearish signals will increase once support is lost. Further support is near the lower Bollinger band at 105.03.
Resistance: 111.93; 113.29; 116.65; 119.60; Support: 109.16; 106.88; 105.03; 102.32.
Crude oil operation suggestion:
Short-term operation suggestions: conservatives wait and see; radicals are cautious and short on dips.
today’s oil prices focus on the market:
18:00 Bank of England holds a press conference on the Financial Stability Report;
18:30 OPEC Secretary-General Barkindo delivered a speech at the Nigeria Oil and Gas Conference;
20:30 Canada May Construction Permit;
22:00 U.S. May durable goods orders final value, May factory orders;
The next day at 00:30 German Chancellor Scholz delivered a speech