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Market News November 17 U.S. crude oil trading strategy: oil price trend is weak, it is recommended that activists continue to short

November 17 U.S. crude oil trading strategy: oil price trend is weak, it is recommended that activists continue to short

On November 17th, US crude oil fell slightly, and short-term oil prices tended to weaken or fall further. It is recommended that conservatives wait and see, and radicals short rallies.

2021-11-17
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On Wednesday (November 17), US crude oil fell slightly, and short-term oil prices tended to be weak or fall further. It is recommended that conservatives wait and see, and radicals short rallies.


Daily level: Oil prices are currently fluctuating at a high level, and the upward momentum has slowed down. It seems that there are signs of bottoming, and there may be further declines in the day.

The initial support below focuses on the low of 79.30 on November 15 and further attention on the low of 78.25 on November 4 and the high of 76.98 on July 6.

Technically, it is difficult for oil prices to stand on the middle track of the Bollinger Bands, MACD is deadlocked, and oil prices are temporarily weak in the short-term.

Intraday operations, it is recommended that radicals short rallies, and conservatives wait and see. The medium and long term does not rule out the possibility of continuing to rush higher.

The initial resistance above focuses on the 20-day moving average of 82.10, and further attention to the high of 83.42 on November 4 and the high of 84.97 on November 10.

(U.S. crude oil daily chart)

Resistance levels: 82.10; 83.42; 84.97
Support levels: 79.30; 78.25; 76.98

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

At 15:15 GMT+8, US crude oil was quoted at US$80.23 per barrel.
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