Trading analysis on May 30 (II): Oil prices fell after a short-term surge, and adjusted downward during the day
WTI oil fell on Wednesday, reducing recent gains, ending a three-day bullish trend, and fell below $80.00/barrel again. Market risk appetite faded in the middle of this week, investors were uneasy about the decline in demand for US Treasury bonds, and the energy market was worried before the release of US crude oil production statistics.
From the daily chart level, the oil moving average system diverged downward, and the medium-term objective trend was mainly downward. Oil prices were suppressed by the moving average system, and after a fruitless rebound, they fell to a new low of 76.50. Throughout May, oil prices hit new lows three times before rebounding. It is expected that the medium-term trend in the future market will continue to maintain a volatile downward rhythm.
The short-term trend of oil (1H) rose and fell, and the oil price crossed the moving average system. The short-term objective trend entered a conversion trend. The short-term downward slope angle was large, and the downward momentum was full. The short-term subjective trend was mainly downward. It is expected that after a narrow adjustment during the day, there will still be a wave of downward space.
Today: short at 80.00, stop loss: 81.00, target 79.00.
Disclaimer: Shared views are for reference only and do not constitute investment advice