USOil:When to short at high levels?During the evening session yesterday, the price of crude oil surged again, reaching the resistance level of 69.5 per barrel in the session. However, after encountering resistance, part of the bullish momentum took profits and fled the market, causing the price to decline slightly to the support level of 69 per barrel without further drops.
After today's opening, the bullish momentum is obviously insufficient, and the price has not risen further, showing a downward extension trend.
Today's trading strategy: Focus on taking short positions at relatively high levels. Currently, the support at 69 per barrel is relatively solid. Observe whether the price can reach the resistance range of 69.5 per barrel again. If it breaks through upwards, look at the important psychological resistance level of 70 per barrel. Choose to take short positions again within the range of 69.5 - 70 per barrel, with the target price at $68 per barrel. Participate with a small position.
USOIL Trading Strategy:
Sell@68.5-69
TP:68-67
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