Crude Oil Market Analysis:
Crude oil has been declining recently, searching for support. Instead of fluctuating within its previous range, it has entered a weak decline. We can continue to sell on small rebounds. Our approach to crude oil remains bearish. Around 61.00 has become a new strong resistance level. Watch for the upcoming new contract deliveries. Will the contract change the current weak trend? Many previous deliveries have triggered strong rebounds for crude oil buyers. Consider selling opportunities after a rebound near 69.60 in the Asian session today.
Fundamental Analysis:
This week saw no major fundamental or news headlines, but gold remained incredibly strong, and the dollar’s movements were not particularly significant.
Trading Recommendations:
Crude oil – Sell around 59.60, target 58.00-57.00.
