Technical and fundamental analysis of crude oil ,,,

Aslam O Alikum

Introduction

I hope all friends fine,,

Technical and fundamental analysis of crude oil ,,

Crude oil is still trading within a bearish trendline, as I said in my previous analysis, and I also suggested selling the crude oil at the 82.50 resistance level, which was a strong level, along with a bearish trendline on the 4H charts, which pushed crude oil to fall toward the 73 level at the moment. However, crude oil might continue falling in the next few days due to fundamental reasons, such as the Fed's statements, the strength of the USD, and OPEC's decisions. However, I recommend trading oil with caution in the coming days as Russia continues to talk about the oil markets and suggests cutting its production from the markets, which could push oil back up toward the 90 level at any time. Therefore, I recommend buying crude oil at strong support levels in the next few days, such as the 70.50 and 68.40 support levels, with medium- and long-term targets.

Due to the USD's recent weakness as a result of the Fed's remarks from last month, which are anticipated to affect the USD and stock markets until the next FOMC meeting, the USD index has experienced strong bearish momentum. On the daily chart, the USD index has also tested the broken 200 moving average once more, indicating that the index may drop at any time as traders and investors may sell the USD against major currencies due to concerns about the upcoming FOMC meeting, which is scheduled for next week. Because the USD has already reached strong resistance levels, such as the 105.50 broken support level, which is now a strong resistance level, I advise concentrating on selling the USD against major currencies over the course of the next few weeks. Nevertheless, there is a chance that the USD will begin to rise once more. Everything is possible right now because it is December, the markets are shaky, and any fundamental events will have an impact on the markets.