U.S. crude oil trading strategy on October 12: Continue to be optimistic about rising oil prices

On Tuesday (October 12), US crude oil held steady above 80. Short-term bulls are still very strong. Investors are advised to continue to do more on dips.


Daily level: Although oil prices surged and fell on Monday, the bulls were still strong, and there was no change in the pattern of tight fundamentals. Investment banks predicted that oil prices would rise to the 90 mark.

In terms of technical indicators, RSI shows an overbought signal, but it does not seem to be enough to stop the bulls’ madness. At present, there is no obvious topping signal. Investors are advised not to go short against the trend.

In general, there are still great opportunities for the upside, and it is recommended that investors continue to do more on dips.

The upper resistance is mainly concerned with the pressure of each integer mark, and the lower support is concerned with the 5-day moving average of 79.32, the 10-day moving average of 77.89 and the July 6 high of 76.98.

(U.S. crude oil daily chart)

Resistance levels: 81.00; 82.18; 83.00
Support levels: 79.32; 77.89; 76.98

Short-term operation advice: do more on dips.

At 14:39 GMT+8, US crude oil was quoted at US$80.55 per barrel.