Crude oil: Waiting for a rebound to continue shorting

7月25日Crude oil technical analysis
Daily resistance 78.4, support below 72.7
Four-hour resistance 77.5, support below 75.5-74.7

Crude oil operation suggestions: WTI prices stopped falling due to a decline in weekly crude oil inventories last week. The U.S. Energy Information Administration (EIA) crude oil inventory change report is expected to show that inventories will increase by 700,000 barrels in the week ending July 19. Israeli Prime Minister Benjamin Netanyahu will address the U.S. Congress, seeking to turn the U.S. attention to the Middle East.

From the daily chart level, crude oil has repeatedly fluctuated and stepped down in the medium term, and the oil price has fallen below the support of the moving average system. The objective trend of the medium-term rise has changed and returned to the oscillating pattern. Crude oil is expected to maintain a wide range of oscillation in the medium term.

From the current market situation, the lower target continues to focus on breaking new lows, and the short-term long and short strength watershed focuses on the 77.5 line. The rebound above 77-77.5 remains short. Any rebound before the daily level breaks through and stabilizes this position is a short-selling opportunity.

SELL:77.0near SL:77.30
SELL:77.5near SL:77.80

Technical analysis only provides trading direction!

7月26日

交易進行

Friday Crude oil technical analysis
Daily resistance 78.4-78.9, support below 72.7
Four-hour resistance 77.5, support below 75.5-74.7

Crude oil operation suggestions: Crude oil fell first and then rose in the volatility yesterday, ushering in a deep V rebound and upward breakthrough at the close. The price in the Asia-Europe session was suppressed at the 77.3 mark and continued to fluctuate downward and weakened. It fell back and broke through the 76.5 mark to reach around 76 and stabilized and rebounded. The US oil price relied on the 76 mark to form a deep V rebound and break the high. The hourly line stretched and broke through and stood on the 77.3 line, the starting point of the morning decline, and continued to rise to above 78.

After continuous adjustment and decline, the overall price finally stabilized at the 76 mark. In the short term, oil prices are above the 5-day moving average and are expected to continue to rebound. Today, the lower support is 77. If the price falls back during the day, it will continue to be bullish. The upper target is still expected to rebound. The short-term suppression is around 78.4-78.9. Sell high and buy low in this range during the day.

SELL:78.9near SL:79.20
SELL:78.4near SL:78.70

Technical analysis only provides trading direction!

7月29日

交易進行

Monday Technical analysis of crude oil
Daily resistance 78.4-78.9, support below 72.7
Four-hour resistance 77.5, support below 75.5-74.7

Operation suggestions for crude oil: Last Friday, the overall oil price was under pressure from the 78.5 mark, and the price fell back and fluctuated downward. It once fell back and broke through the 77 integer mark and closed near 76.

After the overall price rebounded strongly on Thursday last week, the bears began to attack on Friday. In the short term, the oil price continued to suppress the bearish and volatile market in the recent period. Today, the upper resistance continues to focus on the hourly line falling gap near 78.2-78.5. The intraday rebound relies on this position to be bearish first. The short-term support below focuses on the 76 integer mark. Sell high and buy low around the 76-78.2 range.

SELL:78.9near SL:79.00
SELL:78.4near SL:78.70
SELL:77.2near SL:77.60

Technical analysis only provides trading direction!