Short-term trading advice for US crude oil: fluctuating upward, buy on dips
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(1)Analysis: Disruptions in transportation through the Strait of Hormuz have raised concerns about supply interruptions, prompting the market to quickly price in a risk premium and driving oil prices to gap up and break through key resistance levels. More than 20% of the world's crude oil transportation relies on this route, and if the situation persists, expectations of supply-side tightness will be difficult to ease. From a technical perspective, the price has broken through the upper boundary of the range, forming a trend extension structure with strong short-term momentum. Although there is a risk of profit-taking, oil prices are likely to continue a bullish consolidation as long as geopolitical risks remain unresolved. (2)Key focus: Geopolitical situation, inventory data, US Dollar Index (3)Resistance: 70.60, 71.50, 72.00 (4)Support: 69.50, 69.00, 68.00
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