September 20 U.S. crude oil trading strategy: bulls face greater pressure, activists can go short

On Monday (September 20), US crude oil fell slightly, and short-term oil prices are facing greater pressure in the case of a strong US dollar. It is recommended that activists go short on rallies and conservatives wait and see.


Daily level: U.S. crude oil continued to fall. On the one hand, the oil production capacity in the Gulf of Mexico continued to recover. On the other hand, the strengthening of the US dollar also dampened the confidence of oil price bulls.

From a technical point of view, the MACD Jin Cha remains unchanged for the time being, the RSI overbought signal is lifted, and the oil price drops below the 5-day moving average. The signals point to different directions. The future trend of oil prices needs further observation.

However, due to the recent trend of further strengthening of the U.S. dollar, rising oil prices will face greater pressure. It is recommended that activists light up short oil prices, while conservatives wait and see.

The initial resistance above focuses on the September 15 high of 73.14, and further attention to the July 30 high of 74.23 and the July 13 high of 75.51.

The initial support below focuses on the 10-day moving average of 70.53, and further attention to the 100-day moving average of 69.40 and the September 9 low of 67.56.

(U.S. crude oil daily chart)

Resistance levels: 73.14; 74.23; 75.51
Support levels: 70.53; 69.40; 67.56

Short-term operation suggestions: conservatives wait and see, radicals go short.

At 14:05 GMT+8, U.S. crude oil was quoted at $71.34 per barrel.