Crude oil hits new highs, if it falls back, you can go long

Updated

At present, due to the intensification of international geopolitical conflicts, market supply concerns have once again heated up. At the same time, manufacturing data in the United States and China have rebounded, and demand-side expectations have increased. The dual benefits on both sides of supply and demand have stimulated the rebound of crude oil. Technically, the continuous positive closing continues to test the upper pressure level. .

In terms of operation, we will focus on the pressure level near 85, and the gradually moving upward support near 82. We will support the bullish trend by stepping back, but do not consider aggressive pursuit of the increase.

Crude oil is short around 84.4, stop loss is 85.2, target is below 82.6

Go long near 82.3, stop loss 81.5, target above 84

Ideas are for reference only. Profit and loss are at your own risk. Investment is risky. Please be cautious when entering the market.

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Can I go short now?

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I think crude oil can be shorted at high levels and long if it falls back to lows.

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Crude oil falls in short term

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In terms of crude oil, due to Ukraine's attack on Russia's largest oil refinery and the escalation of the conflict between Iran and Israel, supply-side concerns have stimulated the strength of crude oil. It once again broke the recent high and hit a maximum of around 85.8 in the evening. The short-term market atmosphere cannot be reversed. Pay attention to the evening EIA Crude oil inventory data may have a certain impact on the market in the short term, but the atmosphere is temporarily strong and difficult to improve.

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If crude oil falls to around 84.2, you can go long, with a stop loss of 83.5 and a target of 86.

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