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[Bitop Exchange Market Watch] WTI Crude Oil Pulls Back, Impacted by Hurricane Beryl and Middle East Tensions

2024年07月09日发布

Crude Oil Fundamental Analysis:

 

On Tuesday (July 9th), WTI crude oil prices fluctuated narrowly in early Asian trading, currently trading around $82.27 per barrel. Oil prices closed down about 1% on Monday, hitting a one-week low, as Hurricane Beryl caused the closure of refineries and ports along the U.S. Gulf Coast, raising market concerns that the hurricane could affect U.S. travel and thus drag down demand.

Brent crude oil futures fell $0.79, or 0.9%, to settle at $85.75 a barrel on Monday. WTI crude oil futures fell $0.83, or 1.0%, to settle at $82.33 a barrel.

The market had hoped that a possible ceasefire agreement in Gaza could ease concerns about disruptions to global crude oil supplies. However, concerns about the geopolitical situation have resurfaced as the conflict between Israel and Lebanon continues and has the potential to escalate further, which could provide some support for oil prices.

 

Crude Oil Technical Analysis:

 

WTI crude oil performed weakly yesterday, failing to rise significantly after falling to the $82 level. Oil prices are facing short-term downside risks. After encountering resistance at a two-and-a-half-month high, prices have fallen for two consecutive days, breaking below the 10-day moving average. The MACD indicator's red histogram has shortened, and the KDJ indicator has formed a death cross, suggesting an increased possibility of a short-term top.

At least there is a risk of further correction in oil prices. The support level below is around the 21-day moving average of $81.17, and the strong support is around the 100-day moving average of $80.50. If this support is lost, it will increase the bearish signal for the future market. If oil prices can hold above the 100-day moving average, there is still a chance for the bulls in the future.

Oil prices have a short-term downside risk, but the long-term trend remains to be seen. Investors should pay attention to key support levels and closely monitor market dynamics to adjust trading strategies in a timely manner.

 

In conclusion, the suggested trading strategy for crude oil today is to mainly sell on rallies and buy on dips, with short-term resistance at $83.3-$83.8 and short-term support at $81.2-$81.0.

 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.