U.S. crude oil trading strategy on October 6: oil prices rise unilaterally, consider continuing to go long

On Wednesday (October 6), US crude oil rose slightly, and short-term oil prices showed a unilateral upward trend. It is recommended that investors continue to buy more on dips.


Daily level: US crude oil hit another seven-year high on Tuesday. The news of OPEC+'s steady increase in production ignited concerns about tight energy supply, and short-term oil prices may continue to rise.

Technically, oil prices are rising unilaterally, with long moving averages. At the same time, RSI shows overbought signals, which may limit the room for rising oil prices. It is recommended that investors continue to do more at low levels.

The upper resistance level first focuses on the various integer levels, and the lower support level first focuses on the 5-day moving average 77.38, and further focuses on the 10-day moving average 75.86 and the July 30 high of 74.23.

(U.S. crude oil daily chart)

Resistance levels: 80.00; 81.00; 82.00
Support levels: 77.38; 75.86; 74.23

Short-term operation suggestion: do long low.

At 14:36 GMT+8, U.S. crude oil was quoted at $79.37 per barrel.