Short-term trading advice for US crude oil: trending upward, buy on dips
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(1)Analysis Reason: WTI crude oil is currently maintaining a range-bound consolidation. On the fundamental side, uncertainties remain in the Middle East situation, with the US continuing to send tough signals to Iran, and geopolitical risks are supporting oil prices. At the same time, US crude oil inventories have continued to increase significantly. According to API data, crude oil inventories increased by 13.4 million barrels last week, and concerns about oversupply are temporarily suppressing prices. The market is focused on the upcoming EIA inventory data; if inventories unexpectedly decline, it will support a rebound in oil prices. If inventories continue to rise, it may put pressure on prices. The US Dollar Index has been relatively weak recently, providing some support for dollar-denominated crude oil. Technically, WTI is still trading near the short- and medium-term moving averages, and buying interest during pullbacks remains strong, indicating that bulls have not exited. Combining fundamentals and technicals, crude oil is expected to maintain a short-term strong consolidation pattern, with a focus on buying opportunities during pullbacks.(2) Key Focus: Geopolitical situation, US non-farm payroll data, EIA inventory data, US Dollar Index(3) Resistance: 64.60, 65.00, 65.60(4) Support: 64.00, 63.50, 63.00
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