U.S. crude oil trading strategy on September 6: trend line pressure appears, oil price rise may come to an end

On Monday (September 6), US crude oil fell by more than 1%. Short-term oil prices are facing trend line pressure and downward pressure is increasing. Investors are advised to go short on rallies.


Daily level: US crude oil failed to hit the 50-day moving average last Friday, and was suppressed by the trend line since the July 6 high. The direction of least resistance in the future is still down.

Although oil prices are currently in an interval consolidation phase, the rising market since August 23 is facing challenges. If it falls below the 67 line again, it will mean that the bears will make a comeback.

The initial resistance above is at the high of 70.61 on September 2, and further attention is paid to the high of 71.94 on August 3 and the high of 72.99 on June 16.

The initial support below focuses on the low of 67.12 on September 1, and further attention on 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: 67.12; 65.01; 63.81

Short-term operation advice: short rallies.

At 15:06 GMT+8, US crude oil was quoted at US$68.41 per barrel.