Crude oil prices fell back from highs and will bottom out and rebound
From yesterday to today, the overall trend of crude oil fell back after rising, with $80.5 as the resistance level and $77.6 as the support level.
The U.S. Department of Energy announced the purchase of approximately 3 million barrels of oil for delivery in September to replenish the Strategic Petroleum Reserve;
Attacks by the Houthi armed forces in the Red Sea region have also blocked oil shipments and disrupted tanker activities;
EIA report: The four-week average supply of U.S. crude oil products was 19.499 million barrels per day, a decrease of 1.25% from the same period last year;
Combining the above data and events, I believe that the current crude oil price will fluctuate around $77.8 and then show an upward trend.
Recommendation: Go long around $78
TP:79.5
SL:77
Listen to my signal and advocate seeking victory in stability and not making rash advances.
Comments welcome