September 7 U.S. crude oil trading strategy: oil price prospects are worrying, it is recommended that radicals short rallies

On Tuesday (September 7), the US crude oil surged and fell. The oil price outlook is still not optimistic. It may be volatile in the short-term. It is recommended that conservatives wait and see, and radicals short rallies.


Daily level: US crude oil fell slightly on Monday and is still in a volatile market, but the pressure of the upper trend line makes the outlook for oil prices doubtful.

Saudi Arabia sharply lowered its official selling price to Asia, once again indicating that the supply and demand side of the crude oil spot market in Asia is still weak. However, if the US dollar weakens again, it may provide some support to crude oil prices. Short-term oil prices will depend on US crude oil data.

It is recommended that radicals continue to short high positions, and conservatives can wait and see.

The initial resistance above focuses on the high of 70.61 on September 2 and further attention on the high of 71.94 on August 3 and the high of 72.99 on June 16.

The initial support below focuses on the 20-day moving average of 67.53, and further attention is paid to the low of 65.01 on July 20 and the high of 63.81 on February 25.

(U.S. crude oil daily chart)

Resistance levels: 70.61; 71.94; 72.99
Support levels: 67.53; 65.01; 63.81

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

At 15:20 GMT+8, US crude oil was quoted at US$68.99 per barrel.