Crude oil trading strategy for Tuesday

31 oct 2023

Through the analysis of the hourly chart of crude oil, we know that yesterday's market surged higher and fell back, showing that the main bulls were weak, and once reached the 81.80 line below to stop falling and rebound. From the picture below, we can clearly see that there has been a super main force buying the bottom signal. It is said that there will be a rebound in the short term. In the short term, we can focus on the pressure on Nos. 1 and 2. It is expected that the bottom area will continue to fluctuate and build a bottom. In the short term, in terms of operation, we will continue to think of going high and low and long. The specific suggestions are as follows:
Crude oil is short at 83.90 and 84.90 respectively, with a stop loss of 70 points and a profit stop of 200 points;
Crude oil is long at 82.10 and 79.80 respectively, with a stop loss of 70 points and a profit stop of 200 points.

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31 oct 2023

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