The daily oil analysis for March 18, 2021 will discuss the movement of oil prices in market trading last Wednesday was in a downward range. The decline in oil prices is due to information that countries in the Eurozone have stopped the production of vaccines from AstraZeneca. In addition to the news about the termination of vaccinations, the decline in oil prices was also affected by the news that the EIA version of US oil reserves had increased. The increase in US oil reserves in the Energy Information Administration (EIA) report last night, coupled with the decline in demand for fuel oil and especially in some countries in the European region has stopped using the AstraZeneca vaccine. On the other hand, Germany has reported an increase in Covid-19 patients. In addition, Italy and France will again impose lockdowns. The greenback weakened quite sharply against several other major currencies in Wednesday's trading. The weakening of the US Dollar is also accompanied by a decline in US bond yields with a tenor of 10 years. This decline occurred because the US Central Bank TheFed will maintain interest rates at the lowest level of 0% - 0.25%, in addition to the chairman of the US central bank also said that there would be no interest rate hikes until 2023. The FOMC at its meeting early Thursday morning in addition to discussing the benchmark interest rate that will still be maintained, they also said and agreed to continue to buy bonds every month of US$120 billion. During the recovery period carried out by the United States, it is illustrated by the good release of US employment data showing slowly but surely, even though several US economic data releases in several economic sectors were released negatively due to the pandemic effect that hit. In addition, the inflation rate remains below the 2% level.
Oil Daily Analysis Predictions
Today's prediction in OIL is expected to continue its decline, and the recommended OP (Open Position) is
SELL at the level of 63.80. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
| Preference |
BEARISH |
| Target Profit 1 |
63,70 |
| Target Profit 2 |
63,60 |
| Stop Loss 1 |
63,85 |
| Stop Loss 2 |
63,90 |
This the daily analysis of oil on March 18, 2021. Keep Money Management and Risk Management first in your
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