Today's crude oil analysis and strategy

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Today's crude oil analysis and strategy

WTI CRUDE OIL TVC:USOIL

Financial-Eagle

Yesterday's market was a "dark horse" market. After opening in the morning, it fluctuated and fell from the opening price of US$75.35 to the lowest point of US$75.30, and then began to rise all the way. Moreover, there was no resistance to this wave of rise. It rose from the lowest point of US$75.30 to US$78.29, an increase of US$2.99, which was a large increase in a single day. There was no news or data affecting yesterday's rise, so it was a technical increase, that is, the market rebounded and repaired after five consecutive declines. Today, crude oil opened at US$78.12.

This wave of rise is the 5-2 wave rise mentioned earlier. Yesterday, we said that the decline of wave 5-1 was US$8.14. The rebound of wave 5-2 calculated yesterday was US$3.77. After yesterday's rise, wave 5-2 rebounded from US$72.48 to US$78.29, and rebounded by US$5.18. It has rebounded half of wave 5-1, close to two-thirds. As long as the subsequent rise does not break US$80.62, wave 5-2 will continue to exist. Once it breaks, this wave of rise will no longer try wave 5-2, but will be the adjustment of three waves abc after the end of the main decline of wave 5. As for how the market will go and how to count the waves again later, we need to re-analyze and predict after the market comes out. Today, we only need to focus on the impact of OPEC's monthly market report.

Today's crude oil recommendations; (Today's focus is on OPEC's monthly market report)

1. Short at $78.75, stop loss 35 points, take profit $75.70. (More aggressive, short at $78.40)

2. If strategy 1 short is stopped, short at $79.65 again, stop loss 30 points, take profit $76.60.

3. Go long at $77.05, stop loss 30 points, take profit $78.50.

4. If strategy 3 is stopped, go long at $76.35 again, stop loss 30 points, take profit around $78

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