USOIL: Wait for a pullback before buying
WTI oil prices remained stable before the release of producer price data on Thursday. Oil prices may weaken as rising interest rates curb US economic growth. US crude oil inventories increased by 3.7 million barrels, while inventories decreased by 1.55 million barrels, and crude oil prices face challenges.
From the daily chart level, the moving average system of crude oil is divergent and downward, and the medium-term objective trend is mainly downward. Oil prices hit 72.60 and formed a strong rebound. In terms of momentum, bulls gradually strengthened. There are contradictions between the medium-term subjective and objective trends. It is expected that there is room for a rebound in the medium-term trend, and the overall pattern is still mainly bearish.
The short-term (1H) trend of crude oil fluctuated and consolidated at a high level. The oil price crossed the moving average system up and down, and the short-term objective trend was a fluctuating pattern. In the early trading, the short-term momentum of oil price decline was dominant. From the perspective of form, the consolidation rhythm showed a flag relay pattern. Pay attention to the support of the lower edge of the flag for oil prices. It is expected that crude oil will remain volatile during the day, and the probability of a small rise is high.
Therefore, today we wait for a drop to the support line of 77.4 to buy
From the daily chart level, the moving average system of crude oil is divergent and downward, and the medium-term objective trend is mainly downward. Oil prices hit 72.60 and formed a strong rebound. In terms of momentum, bulls gradually strengthened. There are contradictions between the medium-term subjective and objective trends. It is expected that there is room for a rebound in the medium-term trend, and the overall pattern is still mainly bearish.
The short-term (1H) trend of crude oil fluctuated and consolidated at a high level. The oil price crossed the moving average system up and down, and the short-term objective trend was a fluctuating pattern. In the early trading, the short-term momentum of oil price decline was dominant. From the perspective of form, the consolidation rhythm showed a flag relay pattern. Pay attention to the support of the lower edge of the flag for oil prices. It is expected that crude oil will remain volatile during the day, and the probability of a small rise is high.
Therefore, today we wait for a drop to the support line of 77.4 to buy
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