Ultima Markets: 【 Market Analysis 】 Oil price falls and collides with an upward trend Triangle structure or re...

Today's Focus on Varieties--Brentcrude oil。

Fundamentally,On the supply side, Iran's crude oil exports may further increase in the future, which has attracted market attention. However, the demand side still questions the expectations of China's oil demand growth. In addition, after the United States suspended interest rate hikes, the market is still concerned about the possibility of recession. Although supported by production reduction plans by oil producing countries, overall fundamentals are difficult to say and favorable, and it is expected to maintain a range fluctuation pattern.

Technically,On the daily cycle of Brent crude oil, it has rebounded upwards after encountering support from below last week and is currently at a critical position of suppression.

Brent crude oil daily chart, sourceUltima Markets MT4）

Due to the current fluctuation rate4The adjustment of the downward trend since mid month is structurally similar to a convergence triangle. If the market cannot effectively break through today, oil prices may decline again this week.

Brent crude oil4Hour chart, sourceUltima Markets MT4）

4On an hourly cycle, the upward trend structure of Brent crude oil is suspected to be a Wolf wave, with waves5Touching waves1And waves4After connecting, there is a possibility of a potential downward trend in the market, and the first goal can be to look towards the waves4Horizontal price range.

Brent crude oil1Hour chart, sourceUltima Markets MT4）

according toUltima Markets MT4InpivotIndicator, daily central price level76.54，

76.54Upward bullish, first goal77.59Second objective78.26

76.54Under bearish, first target75.86Second objective74.81

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