July 12 U.S. crude oil trading strategy: bulls are still strong, cautiously go long
US crude oil fell slightly on July 12, short-term bulls are still relatively strong, but we need to beware of unexpected news, and it is recommended that cautiously go long.

On Monday (July 12), US crude oil fell slightly, and short-term oil price fundamentals are still tight. However, we need to be alert to news of OPEC+ and Iranian nuclear negotiations. It is recommended that conservatives wait and see, and radicals do more cautiously.
Daily level: Oil prices have risen for the previous two consecutive days and stood above the 10-day moving average. The short-term optimism about oil prices is heating up again. As long as it does not fall below the 10-day moving average of 74.16, oil prices are expected to continue their upward trend.
With the advent of the peak driving season in the United States, fuel demand in the United States has surged, and EIA crude oil inventories have fallen for 7 consecutive weeks, which has provided support to oil prices. However, the Iranian nuclear talks, OPEC+ talks, and the warming of the epidemic are still major uncertainties facing oil prices.
It is recommended that radicals remain cautiously optimistic about oil prices, and conservatives can wait and see for the time being, but investors need to be alert to the impact of unexpected news on oil price trends.
The top focus is on the pressure of each integer mark, the bottom is initially supported at the 20-day moving average of 73.39, and further attention is paid to the low of 70.78 on July 8 and the high of 67.98 on March 8.
(U.S. crude oil daily chart)
Resistance levels: 75.00; 76.00; 76.98
Support levels: 73.39; 70.78; 67.98
Short-term operation advice: activists do more cautiously, conservatives wait and see
At 15:13 GMT+8, U.S. crude oil was quoted at $74.30 per barrel.
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