crude oil trend review: On Thursday (July 7), during the Asia-Europe session, US crude oil fluctuated at a low level. More recently, fears of a global recession have weighed heavily on oil prices , with an unexpectedly large build in API crude inventories further dampening bull sentiment. There has also been a resurgence of the epidemic in Asia, adding to market concerns.
There is still a risk of further declines in oil prices in the short term. Note the 200-day moving average around 93.35.
Analysis of crude oil price trend today: fluctuating and falling; MACD is dead, KDJ is dead, bears have the upper hand, and short-term oil prices still have further downside risks. The initial support is near the overnight low of 95.14 (the low support on April 25 is also here. ), the 200-day moving average support is near 93.35 (the April 11 low support is also here), this support needs to be focused on, and if the support is lost, the midline bearish signal will increase.
With the opening of the Bollinger Band track, investors need to be alert to the possibility of oil prices running down the lower track of the Bollinger Band.
Before losing the 200-day moving average, you need to be alert to the bulls’ counter-attack. The initial resistance is near the 100 integer mark, the low resistance on June 22 is near 101.54, the 5-digit moving average resistance is near 103.19, and the 100-digit moving average resistance is near 106.78. If If the bulls can recover their positions, it means that the trend has turned more.
Resistance: 100.00; 101.54; 103.19; 106.78;
Support: 95.14; 93.35; 90.00; 87.46.
Crude oil operation suggestion:
Short-term operation suggestions: cautiously short on rallies.