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November 12, 2021

November 12 U.S. crude oil trading strategy: short term weakness, aggressive people light short positions

Friday (Nov. 12) U.S. crude oil fell slightly, the short term oil price trend is weak, but also at any time there is a chance to resume the upward trend, it is recommended that conservative people wait and see, aggressive people can try to light short positions.

Daily level: U.S. crude oil closed a doji on Thursday, showing that the long and short game is in a stalemate. Oil prices are slightly down during the Asian session, and the short term still seems to be weak.

In the medium term, oil prices are currently in a high shock phase, with frequent switching between long and short sentiment, making it difficult to operate, conservatives can temporarily wait and see, while aggressive people can try to take light short positions.

Once below yesterday’s low of 80.20, investors can consider chasing short, the next support focus on the November 4 low of 78.25 and the July 6 high of 76.98.

However, bullish sentiment remains strong and oil prices could restart their rally at any time.

Initial resistance above is at yesterday’s high of 82.33, with further attention to the Nov. 10 high of 84.97 and the Oct. 25 high of 85.41.

(Daily chart of U.S. crude oil)

Resistance levels: 82.33; 84.97; 85.41
Support levels: 80.20; 78.25; 76.98

Short-term operational advice: wait and see for conservatives, light short positions for the aggressive.