usoil range adjustment, triangle breakthrough upward
Updated
Crude oil prices showed a volatile trend yesterday, hitting $80.5 and then began a bullish rebound, with the highest point reaching the 81.4 area. The daily K-line closing showed a hanging bardo pattern of rising and falling. Although the price encountered resistance at the 82 mark, the current daily level is still stable above the 10-day moving average, showing a volatile upward trend. Crude oil prices are currently testing the support of the 80.5 mark, the early rising point. In the future, they may start to retreat at this position and then fluctuate upward again, while the upper resistance is concentrated in the 82.3-82.5 area.
The short-term (1H) trend of crude oil is consolidating within the range, and oil prices have rebounded with support near 80.85. From a high-level perspective, the overall trend has formed the prototype of a triangle relay pattern. In the next two trading days of the week, it is expected to form triangle points D and E, and ultimately form a breakthrough to the upside. Crude oil is expected to maintain a consolidation rhythm during the day.
oil:sell82-82.3
tp:81.3-81
sl:82.8
Note
Yesterday's market did not fall as smoothly as Tuesday's, but the range of their increases and decreases was still close, indicating that the market has fluctuated in a high price range again, which means that it may be preparing for a big market that is about to happen.Trade active
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