Crude oil surged and rose above 80, continuing to rise for the day
WTI crude oil prices remained in negative territory for the second consecutive day, with a European session trading price of approximately $76.60 per barrel on Wednesday. However, with concerns about tight supply and a decrease in US inventories, crude oil prices may rebound.
From the daily chart level, the medium-term trend of crude oil is about to rise along the 78.80 line in the testing range. The moving average system is arranged in a bullish pattern, and the objective trend direction in the medium term is inward and upward within the range. The K-line continues to rise the large physical bullish line, and the bullish momentum is abundant. Pay attention to the resistance of the upper edge of the wide range to oil prices. If it breaks through, it will further open up the space for crude oil to rise, and officially enter the upward trend in the medium term.
The short-term (1H) trend of crude oil has resumed its upward trend, with oil prices breaking through the 80 mark. The moving average system is bullish, and the short-term objective trend direction is upward. Oil prices hit the upper edge of the daily chart wide channel, with narrow fluctuations in early trading and strong bullish momentum. It is expected that crude oil will continue to maintain a bullish trend for the day.
Today: Buy long at 79.20, stop loss at 78.20, target at 80.70
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