USOIL: Technical analysis and operational strategy
Updated
Us EIA crude oil inventories for the week to November 10 were released yesterday afternoon, showing a rise of 3.6 million barrels to 421.9 million barrels, expectations for a rise of 1.793 million barrels, the previous value of 13.869 million barrels, negative for oil prices. With global demand for crude oil slowing and supply increasing, some analysts believe that Saudi Arabia may extend the voluntary additional production cut of 1 million barrels per day into January or even longer, and the OPEC+ meeting next weekend (November 26) needs to be closely watched. Crude oil yesterday bardo line back. The early week of the rising space back up nearly half, and closed at the low level, the daily line to weaken again, the previous rebound was only a flash in the pan. 4-hour chart a wave of negative line reversion. Continued the previous trading day's high fall, fell below the middle rail to weaken, but also broke the small step shock to rise low, 4-hour chart empty, the rebound at the beginning of the week as a correction to confirm the resistance, but also just confirmed the previous low 79.80 area resistance, with the Asian market close down, Europe and the United States will further see the weak down.
WTI Crude Oil Handling Recommendations:
Strategy 1: Rebound 77.5-77.2 near the short entry, stop loss 0.6 points, the target 75.6-75.2 line;
Strategy two: Callback 75.2-75.6 near multiple single entry, stop loss 0.6 points, the target 77.0-77.5 line.
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