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USOIL:Sharing of the Trading Strategy for Next Week

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US crude oil is currently trading at 61.69. On the daily chart, it rebounded off the support at 61.0, with resistance at the 62.5 USD midline of the Bollinger Bands. The green bars of MACD are shortening, and RSI has rebounded to 48, indicating initial signs of a short-term halt in the decline.

The escalation of Middle East conflicts has boosted safe-haven buying, but a sharp increase of 3.8 million barrels in US EIA inventories, coupled with rising expectations of Federal Reserve rate hikes suppressing demand prospects, has intensified the tug-of-war between bulls and bears.


Trading Strategy:
sell@63-62.5
TP:61-60

buy@60.0-60.5
TP:62-62.5

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Sharing of the Trading Strategy for Next Week

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