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October 11 U.S. crude oil trading strategy: oil prices rose unilaterally, it is recommended to continue to do more on dips

Oct 26, 2021 11:01

On Monday (October 11), U.S. crude oil rose to a new high in nearly seven years. Short-term oil prices are still quite strong. Investors are advised to continue to buy more on dips.


Daily level: U.S. crude oil continues to maintain its strength in the short-term, and the energy crisis continues to expand, which boosted oil prices.

From a technical point of view, oil prices have risen strongly unilaterally, with long moving averages, and RSI has overbought signals, but it still cannot stop the crazy buying in the market.

At the same time, OPEC+ continues to increase production slightly, which is bound to increase the gap between oil supply and demand. Investors are advised to continue to do more on dips.

At the top, focus on the pressure of each integer mark, and at the bottom, focus on the 5-day moving average of 79.06 for preliminary support, and further focus on the 10-day moving average of 77.29 and the July 13 high of 75.51.

(U.S. crude oil daily chart)

Resistance levels: 82.00; 83.00; 84.00
Support levels: 79.06; 77.29; 75.51

Short-term operation advice: do more on dips.

At 14:23 GMT+8, U.S. crude oil was quoted at US$80.68 per barrel.

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