U.S. crude oil trading strategy on May 27: Both long and short ends are positive, and long opportunities increase

During the Asia-Europe session on Friday (May 27), U.S. crude oil fluctuated in a narrow range and was currently trading around $113.68 per barrel, holding most of the overnight gains. On the one hand, the United States ushered in the peak of summer travel, and demand is expected to rebound, on the other hand, European Council President Michel said he is confident that an agreement on the embargo of Russian oil will be reached before the next Council meeting on May 30; In addition, OPEC only agreed to increase production slightly as planned; the market’s expectations of the Fed’s excessively aggressive interest rate hikes cooled, the dollar fell sharply, U.S. stocks rose sharply, and Asian and European stock markets followed suit, which also provided support for oil prices.

On this trading day, pay attention to the PCE and personal spending data of the United States and the data of crude oil drilling in the United States in April, and continue to pay attention to the news related to the situation in Russia and Ukraine, and the news related to the new crown epidemic.

Daily level: rising in shock; the moving averages are long arranged, the MACD golden cross signal continues, KDJ re-formed a golden cross, the Bollinger Bands track is sloping upward, and the oil price is expected to run up along the upper track of the Bollinger Bands, and the initial resistance will be on May 17. The high point is near 115.56, and the resistance of the high point on March 24 is near 116.64. If it breaks further, it is expected to rise to near the 120 mark.

The 5-day moving average support below is currently near 111.90, and the 21-day moving average support is currently near 108.67. If the support is lost, it will increase the bearish signal in the market outlook.



Resistance: 115.56; 116.64; 119.64;
Support: 111.92; 108.67; 105.37

Suggestions for short-term operations: do more cautiously on dips.