"Buy low" strategy + "bottom has stabilized" in terms of technical analysis - there is a chance for a short-term rebound.
Financing side: "Bottoming" funds "quietly enter the market" and change the supply-demand expectations
In the past three days, the "non-commercial net long positions" (that is, the bullish positions of speculative funds) in the crude oil futures market suddenly increased by 120,000 lots, marking the largest weekly increase in 3 months. Among them, hedge funds and large investment banks were the main buyers. They began to build positions in batches starting from below 60 US dollars, just like when the oil price dropped to 58 US dollars, these funds entered the market and the oil price quickly rebounded by 4 US dollars. At the same time, the inflow of funds into crude oil ETFs also tripled, and ordinary investors began to follow the trend, and the buying power was accumulating rapidly.
Technical aspect: The price "successfully bottomed out" and the breakthrough signal has appeared
WTI crude oil has been oscillating in the range of 59.8 - 60.5 US dollars for a week, forming a "double bottom" pattern (two times falling to 59.8 without breaking through), and broke through the upper edge of the oscillation range (61.2 US dollars) on Thursday. After that, it has been running above this position. From the short-term trend, every time it drops to 61 US dollars, there are buyers to take over, indicating that the bottom support is very stable. In addition, the trading volume has also increased along with the breakthrough (the trading volume at the breakthrough was 40% higher than usual), it is not "false increase", and the rebound signal is very clear.
usoil @ buy 60.5-61.0
tp:62-62.5
SL:59.5
Financing side: "Bottoming" funds "quietly enter the market" and change the supply-demand expectations
In the past three days, the "non-commercial net long positions" (that is, the bullish positions of speculative funds) in the crude oil futures market suddenly increased by 120,000 lots, marking the largest weekly increase in 3 months. Among them, hedge funds and large investment banks were the main buyers. They began to build positions in batches starting from below 60 US dollars, just like when the oil price dropped to 58 US dollars, these funds entered the market and the oil price quickly rebounded by 4 US dollars. At the same time, the inflow of funds into crude oil ETFs also tripled, and ordinary investors began to follow the trend, and the buying power was accumulating rapidly.
Technical aspect: The price "successfully bottomed out" and the breakthrough signal has appeared
WTI crude oil has been oscillating in the range of 59.8 - 60.5 US dollars for a week, forming a "double bottom" pattern (two times falling to 59.8 without breaking through), and broke through the upper edge of the oscillation range (61.2 US dollars) on Thursday. After that, it has been running above this position. From the short-term trend, every time it drops to 61 US dollars, there are buyers to take over, indicating that the bottom support is very stable. In addition, the trading volume has also increased along with the breakthrough (the trading volume at the breakthrough was 40% higher than usual), it is not "false increase", and the rebound signal is very clear.
usoil @ buy 60.5-61.0
tp:62-62.5
SL:59.5
💎 Free Trading Signals: t.me/+e1D3W7yOpLMzNTYx
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
💎 Free Trading Signals: t.me/+e1D3W7yOpLMzNTYx
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.