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11 March 2025,02:29
Trade Of The Day
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11 March 2025, 02:29
*Oil prices continued their downward trend for the second consecutive session, driven by escalating U.S. tariff concerns on Canada, Mexico, and China. These developments have heightened fears of a global economic slowdown, potentially dampening energy demand. Additionally, OPEC+ has signaled plans to increase oil production starting in April, though Russia’s Deputy PM Alexander Novak indicated that the decision could be reversed if market conditions necessitate it. Amid prevailing risk-off sentiment, investors are scaling back exposure to high-risk assets, including crude oil.
* Technical Breakdown: Crude oil remains in a bearish trend after breaking below a key support level. The MACD indicates strengthening downside momentum, while the RSI, currently at 33, suggests further selling pressure as it stays below the midline. If prices remain below the $67.10 resistance level, oil may extend losses toward the next support at $63.65. However, if bearish momentum weakens, a technical rebound toward $67.10 could occur.
Potential bargain-hunting may emerge if crude oil nears multi-month lows, while possible OPEC+ intervention to curb production could provide support.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Monitor OPEC+ policy decisions, U.S. economic indicators, geopolitical developments, and global energy demand forecasts for further price direction by following PU Xtrader’s financial news page.
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