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Latest Crude Oil – Selling on Support as Recession Fears Grow -by Ecork

Crude oil price, chart and analysis

  • Crude oil continues its recent decline.
  • Recession fears the last driver of the market.

For a list of all market-moving data releases and events, see DailyFX Economic Calendar

Over the past few weeks, recession fears have overtaken inflationary fears as a major driver of price movements in financial markets with the global central bank turning to market experts fearing the worst in the coming months. A series of big interest rate increases by many central banks, in an effort to relieve festering price pressures, has already set or weighed on the global growth outlook as central banks see the fight against inflation as their top priority. With recession fears growing, oil will continue to fall.

The daily chart of Brent crude shows a trending outside pattern earlier this month with $123.50 per barrel. The level was tested and rejected four times. Price action has since formed a bearish channel and broke below the 20 and 5-day simple moving averages, with both breaks down immediately confirmed. Brent crude price is now heading towards a former horizontal support area between $100.83/barrel. and $95.60 a barrel. With the 200-day moving average also emerging at the lower end of this range. $100/barrel. The psychological level is also just below the top of the support range and should provide the first real test of the oil speculators.

Psychological levels and round numbers in forex trading

Brent Crude Daily Price Chart – June 23, 2022

If we look at US crude oil, retail trade data from IG58.24% of traders are net long with the ratio of traders long to short at 1.39 to 1. The number of long-term traders is 11.49% higher than yesterday and 37.47% higher than last week, while the number of long-term traders is 11.49% higher than yesterday and 37.47% higher than last week. net purchase. It is 14.91% lower than yesterday and 46.97% lower than last week.

We usually take a view that is opposite to the sentiment of the crowd, and the fact that traders are resilient suggests that oil US crude oil prices may continue to decline. Traders are taking longer long positions than yesterday and last week, giving us a mix of current sentiment and recent changes Stronger Oil – Contradictory Crude Oil trading bias in the US.

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