1 Technical analysis of crude oil:
Crude oil consolidated and closed higher at a high last Friday. The daily line further closed with a small positive line. It consolidated horizontally at a high level and gathered momentum. A strong consolidation replaced the retracement. It stepped back to the 86.0 line and started to steadily close at a high level again. The daily line followed a slight exploration and closed at High position.
The daily and weekly lines are still in an upward trend, and the short-term rhythm has slowed down slightly. It may be a slow upward trend, with consolidation and correction while rising. The 4-hour chart shows strong consolidation and correction indicators, and there is no deep retracement. At the same time, the low of 85.0 at the beginning of the week has not been lost. There is no loss for bulls at this level. The short-term market is in a strong market. Yesterday, it further recovered its high point. As the lows of 85.0 and 86.0 moved upward, it continued to hit new highs. The short-term slow rise continued. It is also the continuation of the tail wave in the rising space of the wave shape. This structure does not show the form of rising high and closing low. It is difficult to say that it will step back deeply for the time being and will continue the chronic rise.
2. Crude oil trading range
The top short-term focus is on the first-line resistance of 88.7-88.5.
The short-term focus below is on the 85.3-85.5 first-line support.
Buy low, sell high
If you want precise guidance, please contact me
Crude oil consolidated and closed higher at a high last Friday. The daily line further closed with a small positive line. It consolidated horizontally at a high level and gathered momentum. A strong consolidation replaced the retracement. It stepped back to the 86.0 line and started to steadily close at a high level again. The daily line followed a slight exploration and closed at High position.
The daily and weekly lines are still in an upward trend, and the short-term rhythm has slowed down slightly. It may be a slow upward trend, with consolidation and correction while rising. The 4-hour chart shows strong consolidation and correction indicators, and there is no deep retracement. At the same time, the low of 85.0 at the beginning of the week has not been lost. There is no loss for bulls at this level. The short-term market is in a strong market. Yesterday, it further recovered its high point. As the lows of 85.0 and 86.0 moved upward, it continued to hit new highs. The short-term slow rise continued. It is also the continuation of the tail wave in the rising space of the wave shape. This structure does not show the form of rising high and closing low. It is difficult to say that it will step back deeply for the time being and will continue the chronic rise.
2. Crude oil trading range
The top short-term focus is on the first-line resistance of 88.7-88.5.
The short-term focus below is on the 85.3-85.5 first-line support.
Buy low, sell high
If you want precise guidance, please contact me
Trade active:
