Short Crude Oil on Resistance

In crude oil trading today, we made good profits in the trading strategy of shorting crude oil in the 70.6-70.8 area twice.

Judging from the current structural trend, crude oil will maintain range shocks in the short term, and fundamentally still maintain a short position. Although the inventory data has declined for two consecutive weeks, the pressure on the demand side is still very weak, and the U.S. dollar index has rebounded.Crude oil as a whole tends to run in a bearish trend. In terms of short-term structure, crude oil is currently facing the resistance of 71-71.2. If this area cannot be effectively broken through, then crude oil may still fall to the 69 position area at any time.

Therefore, before crude oil fails to break through the short-term resistance, it is mainly to short crude oil.

USOIL: @70.8-71 Sell, TP: 70.2

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