USOIL: Crude oil strategy for Monday
Crude oil trend analysis
Oil prices held firm on Friday and were on track for a sixth straight week of gains, as Saudi Arabia, the world's second-largest crude producer, extended output cuts and Russia, the world's third-largest crude producer, pledged to cut exports further. On Thursday, Saudi Arabia extended its voluntary oil production cut of 1 million barrels per day until the end of September, and the daily level of crude oil fluctuated at a high level; oil prices returned to above all moving averages on Thursday, and the MACD golden cross signal continued, weakening the short-term bearish signal. Beware of the possibility that oil prices will continue to fluctuate and rise. The initial resistance above is at this week's high point of 82.40. You can also refer to the position near the high point of 82.61 on January 23. For further resistance, refer to the position near the April high point of 83.51. If it can be broken further , it is expected to open up new upside space. As the high "swallowing bearish" signal has not been completely destroyed, the resistance around 83.51 is strong, but before breaking through the recent high of 82.40-83.51, we still need to beware of the possibility of oil price shocks and peaking. The initial support below refers to the 5-day moving average Around 81.39, the 10-day moving average support is currently around 80.45, the overnight low point support is around 78.68, and the 21-day moving average support is currently around 77.72. If this support is lost, the possibility of short-term peaking will increase.
Crude oil operation strategy:
SELL: 83.6-83.9
TP1: 83.2
TP2: 82.6
BUY: 81.7-82
TP1:82.5
TP2:83
Oil prices held firm on Friday and were on track for a sixth straight week of gains, as Saudi Arabia, the world's second-largest crude producer, extended output cuts and Russia, the world's third-largest crude producer, pledged to cut exports further. On Thursday, Saudi Arabia extended its voluntary oil production cut of 1 million barrels per day until the end of September, and the daily level of crude oil fluctuated at a high level; oil prices returned to above all moving averages on Thursday, and the MACD golden cross signal continued, weakening the short-term bearish signal. Beware of the possibility that oil prices will continue to fluctuate and rise. The initial resistance above is at this week's high point of 82.40. You can also refer to the position near the high point of 82.61 on January 23. For further resistance, refer to the position near the April high point of 83.51. If it can be broken further , it is expected to open up new upside space. As the high "swallowing bearish" signal has not been completely destroyed, the resistance around 83.51 is strong, but before breaking through the recent high of 82.40-83.51, we still need to beware of the possibility of oil price shocks and peaking. The initial support below refers to the 5-day moving average Around 81.39, the 10-day moving average support is currently around 80.45, the overnight low point support is around 78.68, and the 21-day moving average support is currently around 77.72. If this support is lost, the possibility of short-term peaking will increase.
Crude oil operation strategy:
SELL: 83.6-83.9
TP1: 83.2
TP2: 82.6
BUY: 81.7-82
TP1:82.5
TP2:83
Operación activa:
Reach the long target price
Join my Telegram channel to get
✅Free VIP signal.
✅Daily market analysis
✅Account management
✅More than 2000pips profit every month
t.me/Makemorecoins
✅Free VIP signal.
✅Daily market analysis
✅Account management
✅More than 2000pips profit every month
t.me/Makemorecoins
