First of all, in the general direction, I personally predict that oil prices are expected to close higher for the third consecutive week. This is due to the solid prospect of the Federal Reserve cutting interest rates, which enhances the attractiveness of oil prices, and the upward risks brought by the expanding crisis in the Middle East, which suppresses supply and demand concerns.
From the daily chart, after several trading days of fluctuations last week, the price broke through and reached a new high of around 83. However, due to the lack of continuity and strength of the rise, it quickly fell back. I think this is a powerful adjustment action, and once the adjustment is over, it will continue to rise.
In the short term, I think the repeated fluctuations during the day will continue, and the oil price will fluctuate between 82-81, so we can sell high and buy low in this range in the short term.
From the daily chart, after several trading days of fluctuations last week, the price broke through and reached a new high of around 83. However, due to the lack of continuity and strength of the rise, it quickly fell back. I think this is a powerful adjustment action, and once the adjustment is over, it will continue to rise.
In the short term, I think the repeated fluctuations during the day will continue, and the oil price will fluctuate between 82-81, so we can sell high and buy low in this range in the short term.
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