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U.S. crude oil trading strategy on October 7: the long pattern of oil prices remains unchanged, pay attention to the 10-day moving average support

Oct 26, 2021 10:59

US crude oil fell slightly on Thursday (October 7). After Wednesday's high level fell, oil prices may continue to fall within the day, but the trend is still upward. It is recommended that activists rely on the 10-day moving average to do more, and conservatives wait and see.


Daily level: Oil prices fell from their highs on Wednesday, but the bullish pattern has not changed.

Technically, the MACD is still a golden cross, but the red column has shortened, and the upward momentum has slightly weakened, but the trend is still up. RSI has fallen sharply from the overbought range, creating conditions for oil prices to continue to rise.

If oil prices fall in the day, pay attention to the 10-day moving average support of 75.99. At this level, the bulls are expected to counterattack. It is recommended that activists rely on the 10-day moving average to do more. Further down, we need to pay attention to the high of 74.23 on July 30 and the low of 73.73 on the 20th.

On the upside, we need to pay attention to the pressure of each round mark and yesterday's high of 79.78.

(U.S. crude oil daily chart)

Resistance levels: 78.00; 79.00; 79.78
Support levels: 75.99; 74.23; 73.73

Short-term operation recommendations: activists rely on the 10-day moving average to do more.

At 14:11 GMT+8, US crude oil was quoted at US$76.99 per barrel.