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Market News November 15 US crude oil trading strategy: oil prices continue to be weak, continue to short rallies

November 15 US crude oil trading strategy: oil prices continue to be weak, continue to short rallies

On November 15th, US crude oil fell slightly, and the recent decline may continue in the short-term. Investors are advised to short rallies.

2021-11-15
8042
On Monday (November 15), US crude oil fell slightly, and the recent decline may continue in the short-term. Investors are advised to short rallies.


Daily level: Oil prices have fallen for the fourth consecutive trading day, and there may be further downside in the short-term.

From a mid-line perspective, it is currently at a high level of volatility, and there is still room for further upside in the market outlook, because fundamental tensions still cannot be resolved for the time being.

Intraday operations focus on the opportunity to short rallies. If it falls below the low of 79.78 last Friday, you can focus on the low of 78.25 on November 4 and the high of 76.98 on July 6.

If it rebounds against the trend, the initial resistance will focus on the daily high of 81.20, and then the 20-day moving average of 82.32 and the November 4 high of 83.42.

(U.S. crude oil daily chart)

Resistance levels: 81.20; 82.32; 83.42
Support levels: 79.78; 78.25; 76.98

Short-term operation advice: short rallies.

At GMT+8 14:51, US crude oil was quoted at US$80.08 per ounce.
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