2023-06-28 07:01:35
U.S. crude oil trading strategy: the prospect of the central bank’s interest rate hike suppresses oil prices, pay attention to EIA data
On Wednesday (June 28) during the Asia-Europe session, U.S. crude oil fluctuated within a narrow range and is currently trading around $67.93 per barrel. API data showed that U.S. crude oil and gasoline inventories fell more than expected, providing support for oil prices, but there are signals that central banks The interest rate hike may not be completed yet, and the Federal Reserve, the European Central Bank, and the Bank of England still need to raise interest rates further, which may increase the risk of economic recession, thereby suppressing the demand for crude oil, and there is still a further downside risk in the oil price outlook.
In this trading day, we need to pay attention to the EIA crude oil inventory data to better judge the fuel consumption during the peak summer driving period in the United States. In addition, we need to pay attention to the speeches of Federal Reserve Chairman Powell and US President Biden.
Daily level: shocks and declines; MACD dead fork signal continues, KDJ dead fork signal continues, oil price rebounded following being suppressed by the 21-day moving average and then fell back, adding short-term bearish signals, pay attention to the near eight-week low of 66.78 on June 12 Nearby support, the lower edge of the recent shock range and the lower rail support of the Bollinger Line are also near this position. If this support is lost, the midline bearish signal will be added; for further support, refer to the position near the low of 65.67 on March 15, and the low on May 4 Point support is around 63.80.
If the oil price can hold the support around 66.78, the oil price in the market outlook is expected to continue to fluctuate in a wide range. The initial resistance is around 68.88 on the 5-day moving average. The resistance of the overnight high, the 21-day moving average and the 10-day moving average is currently around 70.14. If this position can be regained, It will increase the bullish signal in the market outlook; further resistance refers to the position near the 55-day moving average of 72.66.
Resistance: 68.88; 70.14; 71.20; 72.66;
Support: 66.78; 65.67; 63.80; 62.43;
Suggestions for short-term operation: short rallies cautiously.
1687942626
#U.S #crude #oil #trading #strategy #prospect #central #banks #interest #rate #hike #suppresses #oil #prices #pay #attention #EIA #data #provider #FX678
