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U.S. crude oil trading strategy on October 8: Rising is still the main theme, but we need to be wary of non-agricultural pour cold water

Oct 26, 2021 11:00

On Friday (October 9), US crude oil rose by more than 1%, and short-term oil prices are expected to rise further. However, it is necessary to be wary of the impact of non-agricultural data. Investors are advised to do more on dips.


Daily level: Oil prices bottomed out on Thursday and rebounded, showing that bulls are still taking the initiative. Under the background of short supply, the upward trend of oil prices is still the general trend.

What needs to be vigilant in the day is the pressure on oil prices brought by strong non-agricultural activities, which may limit the room for oil prices to rise. In terms of operation, it is recommended that investors continue to do more on dips, and conservatives may consider taking profits before non-agricultural purposes.

The upper resistance mainly focuses on the various integer levels, the lower support initially focuses on the 5-day moving average of 78.40, and further focuses on the July 6 high of 76.98 and the July 13 high of 75.51.

(U.S. crude oil daily chart)

Resistance levels: 80.00; 81.00; 82.00
Support levels: 78.40; 76.98; 75.51

Short-term operation advice: do more on dips.

At 14:24 GMT+8, U.S. crude oil was quoted at $79.45 per barrel.

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