“U.S. Crude Oil Trading Strategy: Mixed News, Shocks, and Adjustments – Analysis and Forecast”

On Monday (May 29) Asian session, U.S. crude oil fluctuated and rose slightly, currently trading around $73.15 per barrel. The U.S. debt ceiling negotiations reached a preliminary agreement, alleviating market concerns about the debt default crisis and providing support for oil prices. Weekly data showed that the number of U.S. crude oil rigs decreased by 5, with a cumulative decrease of 21 in May, the largest monthly decline since June 2020, which means that future crude oil supply will decline and also provide some support for oil prices.

However, last week, Russia played down expectations for further production cuts, and expectations for a rate hike in June by the Federal Reserve increased, making bulls still scruples.

This trading day will mark the anniversary of the death of the United States. The U.S. stock market will be closed, and the crude oil market will also be closed early. There will be no important economic data released, and market trading will be relatively light. Investors need to pay attention to news about the US debt ceiling agreement and changes in market sentiment.

4 hour level:Oscillation; KDJ golden cross, MACD preliminary golden cross, oil price rebounded after gaining some support near the rising trend line, the target initially regained the middle track of the Bollinger line, and the market outlook is expected to retest the resistance around 74.85 on the Bollinger line, if it breaks This resistance will increase the bullish signal in the future market. If the resistance cannot be broken, you need to beware of the risk of oil price shocks and falls.

In addition, pay attention to the support near 72.51 of the 10 moving average below. If this support is lost, the short-term bullish signal will be weakened. Oil prices may retest the support near 71.18 under the Bollinger Band. If this support is further tested, it will increase the bearish signal in the market outlook.

resistance:73.86；74.86；75.89；76.91；
support:72.51；71.18；70.00；69.39；

Suggestions for short-term operation:wait and see.