- English
- 中文版
Analysis
.jpg?height=93&quality=100)
On Tuesday the EU decided to press ahead with an oil embargo phasing out Russian supply within 6 months and refined products by the end of the year. Additionally, the Fed meeting last night informed the market that the US economy remains robust and Powell should be able to engineer a soft landing. This should alleviate additional demand destruction fears which are already emanating from China’s lockdowns. There’s an OPEC+ meeting later today, where the expectation is for the status quo of a 400k bpd increase for the month of June. Lastly, Iran US nuclear talks remain gridlocked with no new breakthroughs keeping supply in check.
(Source: TradingView - Past performance is not indicative of future performance.)
Technically, price has broken to the upside of the descending flat-sided triangle. Price found resistance in the form of the 38.2% Fibonacci level, but still remains above the 50-day SMA. The RSI is in no man’s land but still has plenty room to run before overbought fears creep in. The levels to the upside I’d be keeping an eye on would be $115, $120 and $125. This is where price has found resistance previously.
Related articles
Ready to trade?
It's quick and easy to get started. Apply in minutes with our simple application process.
The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients.
Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.