Let’s first look at the support in the 80.5-80.2 range. If the support is valid, go long. The indicators are now more favorable to shorts, with resistance around 81.3. If it falls below 80.2, there will be a small rebound, but 80.5-80.8 will become strong resistance, so the risk of shorting is smaller and the profit opportunity is greater.
USOILOILIdea:USOIL: EIA data, bears Last week's API data showed a very large gap between the expected value and the announced value, but the market reaction was not so large. It should be due to doubts about the data. In addition, the crude oil volume announced today is bullish for the market. So although today's API crude oil inventory data is bearish for the market, But the market rallied.
Now we come to the resistance level near 76. If you judge from the perspective of data trading, you cannot rule out the possibility of tempting bulls, because usually the probability of EIA and API moving in the same direction is very high, so for EIA, short selling should be safer.