U.S. crude oil trading strategy on September 15: oil prices are limited, investors should be cautious in buying long

On Wednesday (September 15), US crude oil rose slightly. The impact of Hurricane Nicholas was lower than expected. Short-term oil price increases are limited. Investors are advised to do more cautiously.


Daily level: U.S. crude oil closed the doji on Tuesday, indicating that the upward momentum is insufficient, as the impact of Hurricane Nicholas is much lower than expected. Under this circumstance, the room for oil prices to rise in the near future is expected to be limited.

The recent increase in oil prices is closely related to the impact of the hurricane in the Gulf of Mexico. If the impact of the hurricane subsides, oil prices may resume falling.

From a technical point of view, the gold price faces an important resistance of 71.16, which is the 61.8% retracement level. If it breaks through this level strongly, there is still a chance for the future to rise.

Further attention can be paid to the August 3 high of 71.94 and the 76.4% retracement of 73.39.

The important support below focuses on the 5-day moving average of 70.00, and further attention to the high of 67.98 on March 8 and the high of 67.01 on May 18.

(U.S. crude oil daily chart)

Resistance levels: 71.16; 71.94; 73.39
Support levels: 70.00; 67.98; 67.01

Short-term operation advice: do more with caution.

At 15:05 GMT+8, U.S. crude oil was quoted at $71.16 per barrel.