So far, oil has fallen just under 1% in a day
At the beginning of the week, the news is supposed to weigh on the price of oil, but I also say that it has some technical undercurrent.
Towards the end of last week, the rise rose to close to $ 70 daily, also holding down the resistance of the trend line, and this will initially pull prices back.
As mentioned last week:
However, looking at the daily chart, we can see that oil growth is still seeing some resistance closer to $ 70, and that may be part of the story here.
The 100-day moving average (purple line) is also an important level of technical support that needs to be added to the short-term level highlighted above to provide a key area for buyers to maintain in order to maintain the latest rise.
Otherwise oil may drag on a bit more between May and August, but will fall between about $ 61.70 and $ 70 until the main picture settles.
Dare what I think is still relevant to price action this week.
Today, the 100-day moving average is $ 68.51, and this is the main technical area that needs to be monitored for buyers to keep up slightly in August.
At present, the basic picture is that OPEC + is careless about the problems of the delta variant and wants to increase production. However, there are undoubtedly still doubts in the market, especially as economic data around the world slows down.