USOIL: Long position after a downward adjustment to $77
Despite the unexpected drop in API crude oil inventory providing support to oil prices, the hawkish speech by the overnight Federal Reserve Chairman has continued to help the US dollar index soar, which has raised concerns about economic recession and continued to put pressure on oil prices. Although there is a chance for the oil price to rebound and adjust after the overnight plunge.
Looking at the daily chart of USOIL, the upward trend has not been broken, and the support below has continued to rise. Although there is no effective breakthrough above $80, the adjustment range of this downward trend is sufficient, and it is a good opportunity to enter the long position again.
Personal trading strategy: Buy long position near $77-77.5, with the first target at $78.5 and the second target at $80, and pay close attention to the EIA data to be released tonight.
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