U.S. crude oil trading strategy on October 14: oil price rises are suspended, activists can still do more on dips

US crude oil rose slightly on Thursday (October 14), and short-term oil prices still have a greater chance of rising, but the possibility of a callback is not ruled out. It is recommended that conservatives wait and see, and radicals do more on dips.


Daily level: The short-term rise of oil prices is temporarily suspended, but the supply and demand pattern behind it has not changed, so there is still a great opportunity for rising in the market outlook.

The technical overbought signal still exists, which has become a negative factor restricting oil prices. The possibility of oil price correction is not ruled out in the day, but the rise is still the main theme.

In terms of operation, it is recommended that the shorts leave the market temporarily, the activists can continue to buy more on dips, and the conservatives temporarily wait and see. At present, the overall oil price is still in the sideways stage.

The initial resistance above focuses on the October 11 high of 82.18, and further attention to the psychological barriers of 83 and 84.

The initial support below focuses on the 5-day moving average of 79.06, and further attention to the July 6 high of 76.98 and the 20-day moving average of 76.13.

(U.S. crude oil daily chart)

Resistance levels: 82.18; 83.00; 84.00
Support levels: 79.06; 76.98; 76.13

Short-term operating suggestions: conservatives wait and see, radicals do more on dips.

At 14:44 GMT+8, US crude oil was quoted at US$81.09 per barrel.