Crude oil has pulled back both times it rose above 100, which shows that 100 is indeed a high level with substantial selling pressure. And if crude oil prices remain elevated, they will have a major impact on global inflation, so historically, there have been few extended periods when prices stayed above 100.
After reaching 101.6 the day before yesterday, prices began to retreat steadily. This is also the high reached on September 15, so there is broad agreement that this is a resistance level. A short-term pullback is therefore likely. Consider shorting in the 98–99 range, with a target of 93–94. The 93 level should also provide support, so going long there is worth considering.
On the daily chart, prices have risen from 67. Wave 4 is complete, and we are now in the middle of wave 4, with wave 5 about to begin. Wave 5 should set a new high, likely around 110. Once it is complete, a prolonged correction cycle should follow. #原油
After reaching 101.6 the day before yesterday, prices began to retreat steadily. This is also the high reached on September 15, so there is broad agreement that this is a resistance level. A short-term pullback is therefore likely. Consider shorting in the 98–99 range, with a target of 93–94. The 93 level should also provide support, so going long there is worth considering.
On the daily chart, prices have risen from 67. Wave 4 is complete, and we are now in the middle of wave 4, with wave 5 about to begin. Wave 5 should set a new high, likely around 110. Once it is complete, a prolonged correction cycle should follow. #原油