Crude oil trade analysis
Updated
International oil prices fluctuated slightly on Thursday (May 30), with U.S. crude oil currently trading around $79.13 per barrel. Oil prices fell about 1% on Wednesday on worries that weak U.S. gasoline demand and economic data could lead the Federal Reserve to keep interest rates higher for longer. High interest rates aimed at countering high inflation could drag on economic growth and reduce demand for oil.
Crude oil persisted despite the headwinds yesterday. Both short positions at 79.4 and short orders at 80.2 made profits. Today's white market resistance is 80 and yesterday's high of 80.6, while support is 78.5 and 77.7. At present, the 4-hour SAR indicator has completed the top-to-bottom transition and appears at a high level. Today, Thursday, the trend continues to rebound high and bearish. Crude oil strategy: short after rebounding at 79.7, covering short positions at 80.3, stop loss at 80.7, target 78.5-78, hold if it breaks below;
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