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Hopes that OPEC members will reach an agreement on an oil production freeze or reduction at next month's meeting appear to be slimmer as Iraq has joined the ranks of oil producers asking for exemptions, but investors are still increasing their bets on rising oil prices.
Oil prices have risen this month to their highest level this year. Oil prices have risen by more than % in the four weeks since member countries agreed to cut production to control excess global oil supply. It was previously decided at the Algiers meeting on March 1 to reduce daily crude oil production to between 10,000 barrels and the current production level is estimated to be around 10,000 barrels per day. Investors betting that oil prices will continue to rise have stepped up bets on futures and options at a dangerous pace, even as questions remain over the extent of each country's production cuts and whether all oil-producing countries can agree.
Data from the U.S. Commodity Futures Trading Commission and Intercontinental Exchange show that fund managers increased their bullish positions in oil prices in March at the fastest pace in history. In just one month, fund managers bought nearly 10,000 crude oil futures and options contracts, the largest monthly increase so far. The decline in inventories has boosted investor confidence.
Technical Analysis of Crude Oil
Looking at the daily chart, the big negative column yesterday was closed and the Bollinger Bands contracted and the D indicator formed a dead cross and ran downwards. The green kinetic energy column ran under the heavy volume D indicator. Looking at the four hours, the Bollinger Bands opening running line breaks through the lower track of the Bollinger Bands. The Bollinger Bands opening is downward. The sub-chart indicator D is dead cross running and the green energy column is increasing. The D indicator three-line dead cross is downward. On the whole, it is recommended to focus on the high altitude during the day and focus on the lower support. The upper pressure is near the US dollar.
Crude oil operation suggestions
It is recommended to go long and stop loss near the US dollar. Near the target
It is recommended to go short and stop loss near the target if it breaks the US dollar. Nearby the target
Asphalt operation suggestions
It is recommended that short orders be entered near the stop-loss target of 1 point
It is recommended that long orders be entered near the stop-loss target of 1 point
Technical analysis of non-ferrous silver
According to the hourly chart, the current Bollinger Bands are still narrow Amplitude running, each moving average is bonded and running above, suppressed by the daily moving average. The sub-chart indicator D is bonded and running, the red kinetic energy column shrinks, the stochastic indicator D, the three-line turning head is running downward, the death cross is downward, comprehensively, it is recommended to sell high and sell low for more timely suggestions. Please consult me for help.
Non-ferrous silver operation suggestions
It is recommended to go long near the stop-loss target of 1 point
It is recommended to go short near the stop-loss target of 1 point
Henan Xinhetai Commodity Trading Center