October 4th US crude oil trading strategy: follow OPEC+ ministerial meeting

On Monday (October 4), US crude oil fell slightly. The short-term OPEC+ meeting may be negative for oil prices, but the technical picture still shows a bullish pattern. It is recommended that activists go short on rallies and conservatives wait and see.


Daily level: Oil prices have risen for the previous three consecutive times, but they have not yet escaped from the previous shock range.

Technically, the Bollinger Bands move up in the middle track, the moving average system is long, and the MACD golden cross is still on the high side.

OPEC+ will hold a meeting within the day to agree on the output policy after November. The market expects OPEC+ to increase production beyond expectations to cope with the increasing energy demand, which is negative for the daily oil price trend. It is recommended that conservatives wait and see, and radicals go short on rallies.

The upper resistance level focuses on the high of 76.67 on September 28, and further attention to the high of 76.98 on July 6 and the 78.00 mark.

Below support levels focus on the 5-day moving average of 75.10, and further focus on the 10-day moving average of 74.09 and the September 15 high of 73.14.

(U.S. crude oil daily chart)

Resistance levels: 76.67; 76.98; 78.00
Support levels: 75.10; 74.09; 73.14

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

At 14:45 GMT+8, U.S. crude oil was quoted at $75.48 per barrel.