September 2 US crude oil trading strategy: short-term direction is unknown, long and short test each other
Although EIA crude oil inventories have fallen sharply and demand for refined oil products has also reached a record high, providing support to oil prices, OPEC+ agreed to adhere to the existing policy of gradual increase in oil production. Oil and gas production on the Gulf Coast is gradually recovering, and the number of new crown cases may increase. In the next few weeks, demand in the United States will be suppressed, and after the end of the summer driving season, demand will also experience a seasonal decline, and the risk of oil prices returning to the downward trend has increased.

During the Asia-Europe period on Thursday (September 2), U.S. crude oil fluctuated within a narrow range. Currently trading at around US$68.20 per barrel, although EIA crude oil inventories have fallen sharply, demand for refined oil also hit a record high, providing support to oil prices, but OPEC+ Agree to adhere to the existing policy of gradually increasing oil production, and the oil and gas production along the Gulf of Mexico is gradually recovering. In addition, the rise in the number of new crown cases may curb US demand in the next few weeks, and demand will also appear after the summer driving season ends. Seasonal decline has increased the risk of oil prices returning to the downward trend.
Daily level: shock; MACD Jin Cha, KDJ Jin Cha but close to sending out an overbought signal, the moving averages are intertwined, short-term trend is relatively variable, the initial resistance above is around 69.64, the high of this week, the 55-day moving average and the upper rail resistance of the down channel are at Near 70.52, the resistance needs to be broken to open up new upside.
The 10-day moving average and 21-day moving average below are supported near 67.35. If this support is lost, short-term bearish signals will be added, and further support will be near the low of 65.01 on July 20.
(U.S. crude oil main contract daily chart)
Resistance: 69.64; 70.52; 71.94; 72.93; 74.23;
Support: 67.35; 66.93; 65.01; 64.04; 61.87;
Short-term operation recommendations: wait and see, pay attention to the 66.93-69.64 area breakthrough.
GMT+8 13:49, US crude oil is currently reported at 68.29 US dollars per barrel.
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