OPEC+ Approves Fourth Consecutive Oil Output Increase
- Background of Production Increase: OPEC+ decided to raise July oil production quotas by 432,000 barrels per day during a meeting on June 2, 2022, marking the fourth consecutive monthly increase since August 2021, aimed at gradually restoring historic cuts made during the pandemic.
- Market Supply-Demand Dynamics: Despite recovering global oil demand and Brent crude prices exceeding $115 per barrel in late May, actual production increases may fall short of expectations due to some members failing to meet existing quotas, leaving the market vulnerable to geopolitical risks and supply disruptions.
- Consumer Impact Analysis: While the output increase may provide limited relief at the pump, persistently high energy costs are exacerbating inflation, reducing household purchasing power, and impacting economic growth globally, particularly in both developed and developing economies.
- Future Outlook and Strategy: The OPEC+ decision reflects a cautious approach in balancing producer revenues with consumer costs, and future market meetings will continue to assess conditions and adjust production levels to respond to the evolving economic landscape.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 6 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, MAJOR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.026 | 0.0342 | 0.0414 | 0.0496 | 0.0568 | 0.065 | 0.0722 |
| Fibonacci | 0.0342 | 0.0401 | 0.0437 | 0.0496 | 0.0554 | 0.0591 | 0.065 |
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