Crude oil trading technology analysis: will continue to decline
On Thursday morning (February 20th) in the Asian market, international oil prices slightly weakened, with US crude oil currently trading around $71.85 per barrel, a drop of about 0.33%.
Reuters technical analysts pointed out that US crude oil is testing the support level of $71.88 per barrel and is likely to fall below that level and fall into the range of $70.76 to $71.32.
The rebound from $70.12 is considered to have been completed near the resistance level of $73. This is the third stage of a larger rebound starting from $70.43.
The entire rebound is in a downward wedge shape, with the downward trend line pointing towards the target of $70.07. Let a breakout of $72.58 potentially rise to $73 to $73.70.
On the daily chart, US crude oil successfully hovered above the support level of $71.19, but failed to break through the resistance level of $73.02. This failure has been interpreted as a weak rebound, appearing even weaker than the first rebound since $70.43.
The support level of $71.19 may be retested.
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