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Market News September 14 US crude oil trading strategy: the market is worried about the new hurricane, oil prices may continue to rise in the short term

September 14 US crude oil trading strategy: the market is worried about the new hurricane, oil prices may continue to rise in the short term

US crude oil rose slightly on September 14, and short-term oil prices may continue to rise due to market concerns that the new hurricane will once again damage energy facilities in the Gulf of Mexico.

Eden
2021-09-14
10011

On Tuesday (September 14), US crude oil rose slightly, and the short-term market’s worries about the new hurricane "Nicholas" rose again. There is a chance for oil prices to rise further. Investors are advised to do more on dips.


Daily level: With the new hurricane "Nicholas" patronizing the Gulf of Mexico again, the market's worries have once again fermented, which helped oil prices reach a six-week high.

Technically, crude oil prices strongly broke through the downward trend line since the extension on July 6 on Monday, changing the downward trajectory of oil prices, and is expected to continue to rise in the future. In addition, the MACD red column once again magnified, also implying an increase in upward momentum.

The initial resistance above focuses on the August 3 high of 71.94, and further attention to the 76.4 retracement level of 73.39 and the July 30 high of 74.23.

The initial support below focuses on the 5-day moving average of 69.73, and further attention to the high of 67.98 on March 8 and the high of 67.01 on May 18.

(U.S. crude oil daily chart)

Resistance levels: 71.94; 73.39; 74.23
Support levels: 69.73; 67.98; 67.01

Short-term operation advice: do more on dips.

At 14:50 GMT+8, U.S. crude oil was quoted at $70.97 per ounce.

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