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U.S. crude oil trading strategy on October 5: OPEC+ releases positive, but we still need to be wary of overbought signals!

Oct 26, 2021 10:58

On Tuesday (October 5), US crude oil rose slightly. The news of short-term OPEC+'s gradual increase in production is expected to continue to ferment, but at the same time, overbought signals suggest that there is a risk of correction. It is recommended that conservatives wait and see, and radicals continue to buy more on dips.


Daily level: OPEC+ agreed on Monday to stick to the existing agreement and gradually increase oil production. This news caused oil prices to rise rapidly.

The positives in the day are expected to continue to ferment, but the general risk aversion is not conducive to rising oil prices.

Technical indicators are mixed. The moving average system is long. MACD maintains the golden cross, but the RSI has overbought signals, suggesting a callback risk. It is recommended that conservatives wait and see, and activists continue to buy more on dips.

The upper resistance level focuses on the October 4 high of 78.38, and further attention is paid to the 79 mark and the 80 psychological mark.

Below support levels focus on the 5-day moving average 76.17, and further focus on the 10-day moving average 74.98 and the September 15 high of 73.14.

(U.S. crude oil daily chart)

Resistance levels: 78.38; 79.00; 80.00
Support levels: 76.17; 74.98; 73.14

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

At 14:47 GMT+8, U.S. crude oil was quoted at $77.76 per barrel.

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