Market News November 23 U.S. crude oil trading strategy: be wary of new lows in oil prices, suggest short rallies
November 23 U.S. crude oil trading strategy: be wary of new lows in oil prices, suggest short rallies
On November 23, US crude oil fell by more than 1%. Short-term oil prices still took the initiative. The market outlook may reach new lows. Investors are advised to continue shorting on rallies. If they fall below the 100-day moving average, they can consider chasing short positions.
2021-11-23
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On Tuesday (November 23), US crude oil fell by more than 1%. Short-term oil price shorts still take the initiative. The market outlook may reach new lows. Investors are advised to continue short rallies. If it falls below the 100-day moving average, consider chasing short positions.
Daily level: Oil prices rebounded slightly on Monday, and the intensity is not strong. At present, the shorts still take the initiative.
Countries such as the United States and Japan are about to release oil reserves, which will put downward pressure on short-term oil prices.
The technical side shows an oversold signal, which gives the bulls a respite, but the bearish pattern of both technical and fundamentals is still expected to continue to drive down oil prices.
Investors are advised to go short on rallies during intraday operations. The initial support below is looking at the 100-day moving average of 74.21. If it breaks below, you can consider chasing the short, and then pay attention to the 50% retracement level of 73.59 and the August 3 high of 71.94.
The initial resistance above focuses on the 5-day moving average 76.92, and further attention to the November 4 low of 78.25 and the 23.6% retracement of 79.85.
(U.S. crude oil daily chart)
Resistance levels: 76.92; 78.25; 79.85
Support levels: 74.21; 73.59; 71.94
Short-term operation advice: short rallies.
At 14:50 GMT+8, U.S. crude oil was quoted at $75.92 per barrel.
Daily level: Oil prices rebounded slightly on Monday, and the intensity is not strong. At present, the shorts still take the initiative.
Countries such as the United States and Japan are about to release oil reserves, which will put downward pressure on short-term oil prices.
The technical side shows an oversold signal, which gives the bulls a respite, but the bearish pattern of both technical and fundamentals is still expected to continue to drive down oil prices.
Investors are advised to go short on rallies during intraday operations. The initial support below is looking at the 100-day moving average of 74.21. If it breaks below, you can consider chasing the short, and then pay attention to the 50% retracement level of 73.59 and the August 3 high of 71.94.
The initial resistance above focuses on the 5-day moving average 76.92, and further attention to the November 4 low of 78.25 and the 23.6% retracement of 79.85.
(U.S. crude oil daily chart)
Resistance levels: 76.92; 78.25; 79.85
Support levels: 74.21; 73.59; 71.94
Short-term operation advice: short rallies.
At 14:50 GMT+8, U.S. crude oil was quoted at $75.92 per barrel.
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