Market News November 9 U.S. crude oil trading strategy: short-term technical side is bearish, medium and long-term is expected to strengthen again
November 9 U.S. crude oil trading strategy: short-term technical side is bearish, medium and long-term is expected to strengthen again
On November 9th, US crude oil held steady at around 82. The short-term oil price technical situation was bearish, and the medium- and long-term oil prices are expected to continue to rise. Investors are advised to wait and see for intraday operations, and activists can try to short rallies.
2021-11-09
9922
On Tuesday (November 9), US crude oil held steady at around 82. The short-term oil price technical situation was bearish, and the medium- and long-term oil prices are expected to continue to rise. Investors are advised to wait and see for daily operations, and activists can try to short rallies.
Daily level: After the oil price experienced a sharp correction last week, it recorded two consecutive gains on Monday, but the upper shadow line indicates that the upward trend does not seem to be firm enough, and the intraday trend is very variable.
If oil prices continue to rise and break through the November 8 high of 82.67, it is expected to further explore the November 4 high of 83.42 and the November 1 high of 84.88.
However, on the technical side, the pattern is bearish, the MACD crosses, and the Bollinger band middle track and RSI are flat, it seems that it is unable to support the bulls to continue to move up.
Once the bears regain the initiative, oil prices may first test the 5-day moving average of 80.91, and then the high of 79.78 on October 6 and the low of 78.25 on November 4 will provide further support.
The current overall situation is that some changes in fundamentals have triggered some investors to take profits, but the medium and long-term is expected to continue to rise. Investors are advised to wait and see for intraday operations, and activists can try to short rallies.
(U.S. crude oil daily chart)
Resistance levels: 82.67; 83.42; 84.88
Support levels: 80.91; 79.78; 78.25
Short-term operation suggestions: wait and see, the radicals short rallies.
At 15:03 GMT+8, US crude oil was quoted at US$81.92 per barrel.
Daily level: After the oil price experienced a sharp correction last week, it recorded two consecutive gains on Monday, but the upper shadow line indicates that the upward trend does not seem to be firm enough, and the intraday trend is very variable.
If oil prices continue to rise and break through the November 8 high of 82.67, it is expected to further explore the November 4 high of 83.42 and the November 1 high of 84.88.
However, on the technical side, the pattern is bearish, the MACD crosses, and the Bollinger band middle track and RSI are flat, it seems that it is unable to support the bulls to continue to move up.
Once the bears regain the initiative, oil prices may first test the 5-day moving average of 80.91, and then the high of 79.78 on October 6 and the low of 78.25 on November 4 will provide further support.
The current overall situation is that some changes in fundamentals have triggered some investors to take profits, but the medium and long-term is expected to continue to rise. Investors are advised to wait and see for intraday operations, and activists can try to short rallies.
(U.S. crude oil daily chart)
Resistance levels: 82.67; 83.42; 84.88
Support levels: 80.91; 79.78; 78.25
Short-term operation suggestions: wait and see, the radicals short rallies.
At 15:03 GMT+8, US crude oil was quoted at US$81.92 per barrel.
Bonus rebate to help investors grow in the trading world!
Or try Free Demo Trading