U.S. crude oil trading strategy on October 13: oil price rise slows down, need to be wary of callbacks

On Wednesday (October 13), US crude oil fell slightly, and the short-term gains slowed down, and the possibility of a callback is not ruled out. It is recommended that conservatives wait and see, and activists continue to buy more on dips.


Daily level: The rise of oil prices this week has been limited to a certain extent, and natural gas prices have also begun to pull back.

But the fundamentals behind it still haven't changed much, which determines that oil prices will continue to run at a high level or even continue to rise in the short term.

However, from a technical point of view, the RSI shows an overbought signal, which will cause a certain drag on the oil market bulls, so the possibility of a short-term correction is not ruled out. It is recommended that conservatives wait and see, and radicals continue to do more at low positions.

The upper resistance level focuses on various integer levels, and the lower support level first focuses on the psychological level of 80.00 near the 5-day moving average, and further focuses on the 10-day moving average of 78.46 and the July 6 high of 76.98.

(U.S. crude oil daily chart)

Resistance levels: 82.18; 83.00; 84.00
Support levels: 80.00; 78.46; 76.98

Short-term operation recommendations: conservatives wait and see, radicals do more low.

At 14:47 GMT+8, US crude oil was quoted at US$80.58 per barrel.