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October 1st US crude oil trading strategy: oil prices may remain volatile before OPEC+ meeting, it is recommended to wait and see

Oct 26, 2021 10:57

On Friday (October 1), US crude oil is almost stable. Short-term oil prices may continue to fluctuate. Investors are advised to wait and see for the time being.


Daily level: Oil prices tend to fluctuate at a high level this week. When OPEC+ is about to hold its October meeting, the bulls have reservations about the outlook for oil prices.

Technically, the moving averages are long arranged, MACD golden cross, RSI breaks out of the overbought range, and the pattern is positive for the longs. However, the risk of oil price decline cannot be ruled out. OPEC+ will meet next Monday to discuss further production increase plans.

It is expected that oil prices will continue to fluctuate before the OPEC+ meeting results, and the market will remain cautious. Investors are advised to wait and see for the time being.

The upper resistance is concerned with the high of 76.67 on September 28, and further attention is paid to the high of 76.98 on July 6 and the pressure of the various integer marks above.

Issue support to focus on the 10-day moving average of 73.52, and further focus on the 20-day moving average of 71.90 and the 100-day moving average of 70.18.

(U.S. crude oil daily chart)

Resistance levels: 76.67; 76.98; 78.00
Support levels: 73.52; 71.90; 70.18

Short-term operation advice: wait and see first.

At 14:19 GMT+8, U.S. crude oil was quoted at $74.94 per barrel.

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