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Market News September 17 U.S. crude oil trading strategy: the upward momentum of oil prices slows down, but it is still expected to remain firm at a high level

September 17 U.S. crude oil trading strategy: the upward momentum of oil prices slows down, but it is still expected to remain firm at a high level

US crude oil fell slightly on September 17, and the short-term oil price growth momentum slowed down, but it may still remain firm at a high level. Investors are advised to do more cautiously.

2021-09-17
9608
On Friday (September 17), US crude oil fell slightly, and the short-term upward momentum slowed down, but it may remain firm at a high level. Investors are advised to do more cautiously.


Daily level: Oil prices meet the cross star on Thursday, and the upward momentum has slowed down significantly. Due to the limited damage caused by Hurricane Nicholas to the Gulf of Mexico, the shutdown production capacity in this area is continuously recovering.

Technically, oil prices are correcting downwards from the overbought range, but they are still above the averages of each cycle. MACD is still moving upwards. The bullish pattern may keep oil prices firm at a high level, but the upward space may be limited. Investors are advised Do more cautiously, and conservatives can also wait and see for the time being.

The upper resistance focuses on the 76.4% retracement level of 73.39, and further attention is paid to the high of 74.23 on July 30 and the high of 75.51 on July 13.

Below support is concerned about the 61.8% retracement level of 71.16, and further attention is paid to the 10-day moving average of 70.33 and the 50% retracement level of 69.36.

(U.S. crude oil daily chart)

Resistance levels: 73.39; 74.23; 75.51
Support levels: 71.16; 70.33; 69.36

Short-term operation advice: do more with caution.

At 15:10 GMT+8, US crude oil was quoted at US$72.30 per barrel.
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