Crude Oil Waiting for Election to Break the Game

[b]​"Investment is people's expectation of the future of assets",This is Dongsheng Finance[/b]

[b]The recent outbreak of the epidemic is currently undergoing a second outbreak, which is not very good news for crude oil, and of course, it is not much worse. The space above the crude oil has been under pressure, and it went low after yesterday's opening, and the European market opened up to41.17Afterwards, it fell again and the US market rose again in the evening, but due toJMMCThe meeting did not release any positive news on production reduction, and oil prices fell overnight[/b]
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[backcolor=#8db3e2][b]WTIYesterday's closing quotation for crude oil40.7dollar/Barrel, decline0.11%[/b][/backcolor]
[backcolor=#8db3e2][b]Brent crude oil closing quotation42.45dollar/Barrel, decline0.82%[/b][/backcolor]
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[b]OPEC did not mention any further production cuts at this meeting, but reiterated its commitment to12Complete the compensation and production reduction plan before the month to make up for previous overcapacity. OPEC is no longer trying to provide a bottom line for crude oil prices. The foundation of economic recovery is not solid now, and no one is sure if the economy will experience major ups and downs[/b]
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[b]In some regions of Europe, the number of COVID-19 cases increased again, and the economic recovery slowed down significantly. In the period before the end of the year, crude oil may usher in a bottoming again. When it comes to benefits, it's natural to mention China. Currently, China's economy is the only country with positive growth, and strong imports offset the pressure brought by Norway's strike, Libya's increase in production, and the recovery of production in the Gulf of Mexico[/b]
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[b]China9Monthly crude oil imports increase to daily1180Ten thousand barrels, from a side view, the expected cooling down after Asian countries made crazy purchases in early summer has not occurred9Last month, China's crude oil imports increased year-on-year12.7%If OPEC further relaxes, there is still a risk of oversupply[/b]
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[b]WTIFour hour trend of crude oil[/b]


[b]Recently, crude oil has been continuously testing for upper pressure and has not yet broken through41.5Previously, it was still dominated by volatility, and relying solely on its own trend could not break the pattern of volatility cycles. However, recently, the bottom price of crude oil has stabilized40.5Above the US dollar, the most intuitive one is on the trend chart, with its range further narrowing[/b]
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[b]Although the trend is small, it is also convenient to capture its fluctuations, which can be found above41.0Approach nearby and place short-term targets in the air40.5to40.1That's it. If you want to break the situation, you still need to start with news. During the period before the election, there are often unexpected trends[/b]
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[backcolor=#8db3e2][b]crude oil41.0Entering the air, target40.5Stop loss41.2[/b][/backcolor]

[b]Author: Dongsheng Finance and Economics[/b]
[b]Writing time:2020/10/20[/b]
[b]The above views are for reference only and do not serve as a basis for firm trading. The article is written by Dongsheng Finance and Economics. If reprinting is required, it must be approved by the author or indicate the source. Reproduction of my article without my consent will result in legal liability being pursued in accordance with the law[/b]