With the new agreement on the Strait of Hormuz gradually being finalized, the market expects the Strait of Hormuz to reopen immediately. Crude oil prices, which had initially risen due to this, have fallen sharply, technically breaking through the important support level of 77. Our strategy of selling on rallies shared in the previous trading day has perfectly realized its target of around 74. Currently, with easing sentiment and a downward technical break, the short-term trend is likely to continue. The recommended strategy is to maintain a sell-on-rallies approach, focusing on the short-term continuation of the decline in crude oil prices. Watch the support level at 70, and the resistance level at 77/76 (a previous resistance level).

Currently, crude oil prices are highly dependent on news and the numerous data releases this week, making medium- to long-term trading unsuitable. Sustained upward or downward trends are difficult to predict. We need to flexibly adjust our trading strategies, accurately grasp entry points based on support and resistance levels, and profit from price fluctuations.