Crude oil rises to nearly 72, continuing to rise within the day
On the eve of the New Year holiday, trading volume is low, and due to the increasingly hawkish outlook for interest rates by the Federal Reserve next year, the US dollar may appreciate. As the market shifts its focus to the demand outlook for 2025, the potential increase in crude oil prices may be limited.
From the daily chart level, crude oil prices have once again declined to the lower edge of a wide range in the medium-term trend, testing towards the lower edge of the range. The range amplitude is between 78.80-65.50. The mid-term objective trend has not yet broken free from the interval. From a morphological perspective, the mid-term trend shows a double bottom reversal pattern, with the second decline in oil prices occurring over a period of more than two months. The rhythm has changed, and the momentum of the decline has gradually weakened. If the price does not fall below 68, then crude oil will receive support in the mid-term and usher in a rebound and upward space.
The short-term (1H) trend of crude oil fluctuated upwards on the last trading day of 2024, approaching a price of 72. The moving average system is bullish, and the short-term objective trend direction is upward. The oil price has broken through the upper edge of the original blue channel, and the bullish momentum has shown strong performance, opening up the space for crude oil to rise. It is expected that the short-term trend of crude oil within the day will continue to be dominated by an upward trend.
Today: Buy long at 70.90, stop loss at 70.30, target at 72.10.
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