U.S. crude oil trading strategy on October 28: The decline is a normal callback, and the market outlook continues to be bullish

US crude oil fell slightly on Thursday (October 28), and the fundamentals of short-term oil prices have not changed. Investors are advised to continue to buy more on dips.


Daily level: Oil prices usher in a short-term correction, as the market is concerned about a substantial increase in crude oil inventories, leading to high profits for investors.

But the fundamentals have not changed fundamentally, which means that crude oil prices have a basis for continuing to rise, investors can still continue to buy on dips, and conservatives can also wait and see for the time being.

The market still expects OPEC+ to announce a further increase in crude oil production at the next meeting, but it seems that the opportunity is not great. Before the meeting, investors can place more orders at a low level.

The initial resistance above focuses on the 10-day moving average of 82.90, and further attention to the 84 mark and the October 25 high of 85.41.

The initial support below focuses on the 20-day moving average of 80.99, and further attention to the 80 mark and the July 6 high of 76.98.

(U.S. crude oil daily chart)

Resistance levels: 82.90; 84.00; 85.41
Support levels: 80.99; 80.00; 76.98

Short-term operation advice: do more on dips.

GMT+8 15:11, US crude oil was quoted at US$81.88 per ounce.