US Crude Oil Trading Strategy on Sep 15: Bulls “Play Steadily” and Focus on Resistance Near 90.36
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During the Asia-Europe session on Thursday (September 15), US crude weakened slightly and is currently trading around $ 88.22 a barrel. The substantial increase in EIA crude oil inventories, the relative strength of the US dollar and the outlook for aggressive interest rates Federal Reserve hikes have put pressure on oil prices, but the IEA expects an increase in switching from natural gas to oil for heating, along with a general expectation of supply growth weaker, which continues to provide support for oil prices. Furthermore, the possibility of a train stop in the United States is increasing and transportation of crude oil to the United States may be affected, which should provide an upward momentum in oil prices.
This trading day focuses on changes in the number of initial unemployment claims in the United States, the monthly rate of retail sales in the United States in August and the monthly rate of industrial production in the United States in August, and pay attention to the news related to the geopolitical situation.
Day level:After the shock fell, it rebounded; the MACD was initially gold and the KDJ was in the running. The 5-day moving average crossed the 10-day moving average and the short term was slightly biased towards the bulls. Currently, it is facing two resistances, the 21-day moving average of 89.35 and the September 5th high of 90.36. If it manages to break through the resistance near 90.36, the bullish signal in the market outlook will increase; further resistance is near the high point of 92.71 on Aug 31, the resistance of the 55-day moving average is near 93.60 and the strong resistance is near the 200-day moving average of 96.88 (near resistance of the Bollinger line).
Before breaking the resistance at 90.36, you still need to watch out for the risk of returning to the downtrend: initial support is near the 5-day moving average at 87.79, the 10-day moving average is near 86.61 and this week’s low support is near 85.06 Increase the bearish signal of the market outlook.
resistence:89.35; 90.36; 92.71; 94.78; 96.88;
support:87.79; 86.61; 85.06; 82.14; 80.00;
Short Term Trading Tips:Conservatives wait and see, and activists are cautious and long on the downsides.
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