OIL: Operation in the range of 77~80
Crude Oil Technical Analysis
Daily resistance is 80-83.4, support below is 77-75
Four-hour resistance is 80, support below is 77.8
Crude oil operation advice: Yesterday, crude oil experienced a strong bullish rise around the 77.5 mark. In the Asian and European markets, the price slightly stepped back to test and stabilized at the 77.5 mark, ushering in a rebound. The European market rose slightly and broke through the 78 mark, falling into sideways fluctuations. After the US Bulls continued to work hard during the session, and the hourly line continued to rise and broke through and stood at the 79 mark, and continued to rise to close strongly near the 80 mark.
After the overall price fluctuated around the 77 mark for nearly 4 trading days, the bulls broke through. In the short term, the oil price stood above the 79 mark and entered the bullish rebound cycle again. Today's lower support focuses on the neckline of yesterday's hourly line near 78.5-78.7. The intraday retracement relies on this position to continue to be bullish. The upper target continues to focus on breaking highs. The short-term long-short strength and weakness dividing line focuses on the 77 mark. Any retracement before the daily level falls below this position is a long opportunity.
BUY: 78.4 near SL: 78.00
BUY: 77.8 near SL: 77.50
SELL: 80.0 near SL: 80.50
Technical analysis only provides trading direction!
Daily resistance is 80-83.4, support below is 77-75
Four-hour resistance is 80, support below is 77.8
Crude oil operation advice: Yesterday, crude oil experienced a strong bullish rise around the 77.5 mark. In the Asian and European markets, the price slightly stepped back to test and stabilized at the 77.5 mark, ushering in a rebound. The European market rose slightly and broke through the 78 mark, falling into sideways fluctuations. After the US Bulls continued to work hard during the session, and the hourly line continued to rise and broke through and stood at the 79 mark, and continued to rise to close strongly near the 80 mark.
After the overall price fluctuated around the 77 mark for nearly 4 trading days, the bulls broke through. In the short term, the oil price stood above the 79 mark and entered the bullish rebound cycle again. Today's lower support focuses on the neckline of yesterday's hourly line near 78.5-78.7. The intraday retracement relies on this position to continue to be bullish. The upper target continues to focus on breaking highs. The short-term long-short strength and weakness dividing line focuses on the 77 mark. Any retracement before the daily level falls below this position is a long opportunity.
BUY: 78.4 near SL: 78.00
BUY: 77.8 near SL: 77.50
SELL: 80.0 near SL: 80.50
Technical analysis only provides trading direction!
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