Crude oil continues to rise in the short term, aligning with 70% within the day
According to a foreign exchange analyst report from Societe Generale, "Currently, oil prices are challenging the several month downtrend line of $72.75, which may be a temporary resistance level. It will be interesting to see if Brent crude can break through this resistance level; this crossover is crucial for confirming the continuation of the sustained rebound
From the daily chart level, the medium-term trend of crude oil continues to fluctuate around the low level after falling below the lower edge of the range. The oil price is suppressed by the moving average system, and the mid-term objective trend is downward. However, in terms of momentum, the bearish advantage is not strong, and it is expected that the medium-term trend will continue to maintain a fluctuating rhythm, waiting for a downward breakthrough to establish a downward trend.
The short-term (1H) trend of crude oil has effectively broken through the upper edge of the range, showing an upward rhythm. The moving average system is bullish, and the short-term objective trend direction is established to be upward. In the morning session, the oil price hit around 69.30, with a narrow range of short-term fluctuations and strong bullish momentum. It is expected that the oil price will rebound within the testing range within the day, and there is a high probability of reaching a new high again.
Today: Buy long at 68.90, stop loss at 68.30. Target at 69.80
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