Regarding crude oil, due to the ongoing and spreading conflict in the Middle East, oil-producing countries such as Iraq have shut down oil fields. Coupled with the continued blockade of the Strait of Hormuz, this has provided some short-term support for crude oil prices in terms of supply and transportation. Last night, crude oil prices even briefly surged to around 82 before falling back again, mainly because recent US crude oil inventories have risen sharply, and overall demand support is limited. Most of the movement is still driven by speculative trading triggered by concerns related to the conflict.

On Thursday, crude oil initially fluctuated, with the lowest approaching 74 and the highest near 82.1, with daily candlesticks showing continuous significant volume and long bullish candles. From a technical perspective, the price has stabilized above key moving averages, with the 5-day and 10-day moving averages diverging upward, indicating a short-term bullish trend; this suggests that the bulls still have some upward momentum. The MACD indicator has formed a golden cross above the zero line, favoring the bulls. The medium-term trend is expected to continue upward, with resistance levels around 81.6 and 83, and support levels at 78.6 and around 76.3.

Trading suggestions: Short positions can be taken in batches at 81/81.5 with a stop loss of 6 points, targeting 80-80.5. Long positions can be taken around 79/78.8 with a stop loss at 78.3, targeting 80.5.

Disclaimer: The above content is for sharing personal ideas and opinions only and does not constitute trading advice.