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Goldman Sachs expects the release of global strategic petroleum reserves to trigger a stronger policy response, thereby nearly halving the impact on commercial crude oil inventories in the short term.Kremlin envoy Dmitriev: The US sanctions waivers involve approximately 100 million barrels of Russian oil.Thai Deputy Prime Minister: Thailand is open to purchasing Russian oil.March 13th, Futures News: Economies.com analysts latest view: Brent crude futures have fallen as major resistance levels have held steady around $100. This resistance level was the target we anticipated in our previous analysis, allowing prices to consolidate gains from the previous rally and attempt to gain upward momentum to break through this level, while also trying to shake off some obvious overbought conditions on the Relative Strength Index (RSI). Meanwhile, the short-term main uptrend remains dominant, its movement aligned with the trendline, further reinforcing this trend.March 13th, Futures News: Economies.com analysts latest view: WTI crude oil futures fell slightly, representing some profit-taking after previous gains. This pullback is an attempt to accumulate new upward momentum, which could help it resume its upward trend later. This move aims to alleviate the clearly overbought conditions shown by the Relative Strength Index (RSI), especially after the RSI showed signs of a negative crossover. Despite the temporary price decline, the main upward trend remains dominant in the short term, with prices continuing to move along the support trendline, further solidifying this trend.

October 11 U.S. crude oil trading strategy: oil prices rose unilaterally, it is recommended to continue to do more on dips

Oct 26, 2021 11:01

On Monday (October 11), U.S. crude oil rose to a new high in nearly seven years. Short-term oil prices are still quite strong. Investors are advised to continue to buy more on dips.


Daily level: U.S. crude oil continues to maintain its strength in the short-term, and the energy crisis continues to expand, which boosted oil prices.

From a technical point of view, oil prices have risen strongly unilaterally, with long moving averages, and RSI has overbought signals, but it still cannot stop the crazy buying in the market.

At the same time, OPEC+ continues to increase production slightly, which is bound to increase the gap between oil supply and demand. Investors are advised to continue to do more on dips.

At the top, focus on the pressure of each integer mark, and at the bottom, focus on the 5-day moving average of 79.06 for preliminary support, and further focus on the 10-day moving average of 77.29 and the July 13 high of 75.51.

(U.S. crude oil daily chart)

Resistance levels: 82.00; 83.00; 84.00
Support levels: 79.06; 77.29; 75.51

Short-term operation advice: do more on dips.

At 14:23 GMT+8, U.S. crude oil was quoted at US$80.68 per barrel.

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