US Crude Trading Strategy: Multiple negative pressures, oil prices may continue to fall
During the Asian session on Thursday (January 5), US crude oil rebounded slightly and is currently trading around $73.77 a barrel. Although Asian stock markets rebounded, demand for short-term oversold oil prices rebounds underpinned oil prices in the short term, worries about global and Asian economic downturn Amid the outbreak, OPEC production increased in December, Saudi Arabia may lower Asian crude price in February, inventories Crude API prices rose more than expected and US manufacturing shrank.
On this trading day, pay attention to changes in US ADP employment data and the number of initial jobless claims, and pay attention to the EIA Crude Oil Inventory series data.
Daily level:swing; oil prices are down after being stuck near the 55-day moving average, the 5-day moving average has crossed the 10-day moving average to form a dead cross, KDJ is executing a dead cross, MACD is also dead cross trend and a green bar appears, oil prices fall further after falling below the 21-day moving average. If this support is broken, the market outlook could dip along the lower path of the Bollinger Band and further support will be in Dec 2021. The low of 21st was around 68.56 and the low of 20th Dec 2021 was supported around 66.12 The midline target can also be seen around the low of 66.12 on Dec 2, 2021.
Initial resistance above is around 74.44, the lowest point since December 20, 2022, and 21-day moving average resistance is around 76.00. An unexpected recovery of this position will weaken the bearish signal in the market outlook .
resistence:74.44；76.00；76.60；77.77；
support:72.72；71.10；70.00；68.56；66.12；
Short-term trade tips: Short rallies with caution.
