US crude oil trading strategy on September 24: Beware of the risk of overbought

On Friday (September 24), US crude oil rose slightly, and short-term crude oil prices continue to be bullish. However, it is also necessary to prevent overbought signals. Conservatives are advised to wait and see for the time being, while activists do more lightly.


Daily level: Oil prices rose for three consecutive times on Thursday, hitting a new high since the beginning of August. Factors such as risk sentiment and inventory decline continued to push up oil prices.

The intraday trend is relatively volatile, but it does not rule out the possibility of continuing to refresh the high. At the same time, the overbought signal is still unclear, and the MACD continues to rise, which is beneficial to the bulls.

On the whole, oil prices are currently slightly bullish. It is recommended that activists choose opportunities to do more with light storage, and conservatives mainly wait and see.

The initial resistance above focuses on the high of 74.23 on July 30, and further attention to the high of 75.51 on July 13 and the high of 76.98 on July 6.

The preliminary support below focuses on the 5-day moving average of 71.98, and further attention to the 20-day moving average of 70.38 and the 50-day moving average of 69.36.

(U.S. crude oil daily chart)

Resistance levels: 74.23; 75.51; 76.98
Support levels: 71.98; 70.38; 69.36

Short-term operation recommendations: conservatives wait and see, radicals do more lightly.

GMT+8 14:33, US crude oil was reported at 73.49.