September 3 US crude oil trading strategy: 55-day moving average becomes the last barrier for bears

During the Asian session on Friday (September 3), US crude oil fluctuated within a narrow range and is currently trading at around US$69.82 per barrel, holding most of the overnight gains. The market’s optimism towards global economic growth has increased. The U.S. stock market has set a new record high, providing support to oil prices. Moreover, the recovery of production capacity after the U.S. hurricane has been slow, and the U.S. dollar index has also weakened sharply. The bullish signal has increased significantly, but we still need to pay attention to the 55-day moving average resistance and the performance of the US non-agricultural employment report.



Daily level: shock rebound; MACD Jin Cha, KDJ Jin Cha, oil prices broke through the key resistance near 69.64, short-term bullish signals have increased, and are currently being suppressed by the 55-day moving average and resistance near 70.51 on the upper rail of the previous down channel. If it can top Breaking the resistance is expected to rise again near the previous high of 76.98, or even near the 80 mark.

Of course, the resistance near 71.15, the 61.8% retracement of the 76.98-61.94 decline, also needs to be paid attention to.

In view of the overbought signal from the high KDJ, if oil prices continue to fail to break the resistance near 70.51 and fall below the 11-day moving average of 68.59, you need to beware of the risk of returning to the downtrend; further support is near the 21-day moving average of 67.46, August 25 The daily low is supported near 66.93.

(U.S. crude oil main contract daily chart)

Resistance: 70.51; 71.15; 71.94; 72.93;
Support: 69.62; 69.31; 68.59; 67.46;

Short-term operation advice: do more cautiously on dips.

At GMT+8 13:53, US crude oil is currently quoted at US$69.93/barrel.