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Market News November 16 US crude oil trading strategy: oil prices may continue to rise, activists do more on dips

November 16 US crude oil trading strategy: oil prices may continue to rise, activists do more on dips

U.S. crude oil rose slightly on November 16, and short-term oil prices may continue the previous day's rise. It is recommended that conservatives wait and see, and radicals do more on dips.

2021-11-16
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On Tuesday (November 16), US crude oil rose slightly, and short-term oil prices may continue the previous day's rise. It is recommended that conservatives wait and see, and radicals do more on dips.


Daily level: Oil prices have fluctuated repeatedly at high levels recently, and the rising market has encountered resistance. However, the trend is positive in the day and may continue the previous day's rise.

The initial resistance above focuses on the November 11 high of 82.33, and further attention to the November 4 high of 83.42 and the November 10 high of 84.97.

From a technical point of view, MACD is dead cross, RSI is around 50, and there are opportunities in both long and short directions. Oil prices rebounded sharply after being supported by the lower rail of the Bollinger Bands on Monday, adding confidence to the bulls.

It is recommended that conservatives take the wait-and-see approach, and radicals do more on dips.

The initial support below looks to the low of 80.58 on October 28, and then down to the low of 79.30 yesterday and the low of 78.25 on November 4.

(U.S. crude oil daily chart)

Resistance levels: 82.33; 83.42; 84.97
Support levels: 80.58; 79.30; 78.25

Short-term operating suggestions: conservatives wait and see, radicals do more on dips.

At 14:59 GMT+8, US crude oil was quoted at US$81.46 per barrel.
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