The upward trend of crude oil is intact, hitting the 80 mark within the day
Amid concerns about global supply shortages, WTI has attracted strong follow-up buying. The buying of technology above the very important 200 day SMA has boosted this momentum. The hawkish expectations of the Federal Reserve support the US dollar, which may limit the increase in crude oil prices.
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 above 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 continues to fluctuate and rise, reaching a new high of 79.30. The bullish alignment of the moving average system relies on oil prices, and the short-term objective trend direction is upward. From the upward trend, although it has weakened slightly, the overall upward trend remains good. It is expected that crude oil will continue to operate at an upward pace within the day.
Today: 78.20 buy long, stop loss: 77.30. Target 80.00
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