oil prices are up about 3% in just two sessions. Oil traders saw bullish positions pay off after an unexpected drop in U.S. inventories. The U.S. Dollar Index was trading at 103.00 following the release of the popular PPI data.
The short-term (1H) trend of crude oil continued to fluctuate upward and broke through the 80 mark, testing a new high of 81.30. The moving average system is arranged in a long position, and the short-term objective trend is upward. From a high-level perspective, oil prices are about to retest resistance at the upper edge of the daily chart channel. The upper edge of this channel acts as an effective resistance to oil prices. If it breaks through, it will further open up room for crude oil to rise.
oil:buy80-80.5
TP:81-80.5
SL:79.2
Comment:
Oil prices have fluctuated for about two weeks under the support of the moving average system, and oil prices have once again tested the upper edge of the channel. Crude oil performed weakly at the upper edge of the channel last week and has been unable to break through and move upward effectively. The momentum of the bulls has been exhausted. It is expected that the mid-term rise will still take time, and the trend will mainly fluctuate within the channel.
Comment:
Generally speaking, the short-term operation idea of crude oil today is mainly to do long, supplemented by high-altitude
Comment:
80 is the trend support level of oil. If it stands above 80 today, the probability of rising is greater than falling.
Comment:
The strategy is completely accurate, and those who follow it have already made huge profits.