Crude oil has experienced two consecutive weeks of range-bound volatility. Attempts to break above resistance failed. The shortage of crude oil in the market is also constantly easing, limiting the upward range of oil prices and reducing investors' willingness to chase increases. The current low inventory situation will also limit the room for correction of oil prices, which means that oil prices will most likely remain within the range for some time to come. , pay attention to the rhythm and control the risks.
The daily trend of oil prices still remains below the mid-range and short-term moving averages. The indicators in the attached chart also maintain the development of bearish signals. The short-term trend is still likely to fall back. But combined with the weekly chart, crude oil is obviously bullish.
Pay attention to the resistance levels of 85.85 and 87.5 and the support level of 82.3. 85.85 is a bullish key level
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I said that The daily trend of oil prices still remains below the mid-range and short-term moving averages. The indicators in the attached chart also maintain the development of bearish signals. The short-term trend is still likely to fall back. But combined with the weekly chart, crude oil is obviously bullish.Trade active
Trade active
Trade active
Note
The overall trend of crude oil yesterday was a bottom, which was in line with our bearish expectation for the day. Crude oil is consolidating in a range, waiting for follow-up signals.Note
Crude oil prices focus on the resistance of 83.9-85.5 and the support of 81.2
The current market situation of crude oil is not easy to be too bullish or bearish, but more likely to remain range-bound.
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Trade active
Trade active
Note
Crude oil continues to fall and may fall below 80 in the short termNote
81.5-84Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.