8.17 Monday Midnight Oil Analysis: OPEC+ production cuts provide support for oil prices; geopolitical risks in the Middle East may still cause potential disruptions, and supply-side constraints remain. Demand shows seasonal resilience; the earlier pullback was essentially an emotional release.
There are clear signs that the market is bottoming; repeated stop-and-go ranging has been digesting selling pressure, the lows keep getting higher, and the long-side structure is gradually taking shape.
Oil trading suggestion: go long in the 79–81 range; aggressively go long at 81.5. Use 77 as the defensive level; for targets, look above 84–88–92–95 $NVDAB
There are clear signs that the market is bottoming; repeated stop-and-go ranging has been digesting selling pressure, the lows keep getting higher, and the long-side structure is gradually taking shape.
Oil trading suggestion: go long in the 79–81 range; aggressively go long at 81.5. Use 77 as the defensive level; for targets, look above 84–88–92–95 $NVDAB