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USOIL: The rebound continues with short selling
2022-07-14
1284
A brief analysis of the fundamentals:
Investors have been selling oil lately, fearing that aggressive interest rate hikes to stem inflation would slow economic growth and hit oil demand. But the physical market remains tight. Key indicators such as Fortis and U.S. Intermediate are trading higher than the futures market, which is not the case in the futures market. Futures markets were swayed by inflation data that pointed to further interest rate hikes by major central banks.
4-hour chart of U.S. crude oil
A brief technical analysis:
From the 4-hour chart: the short-term exchange rate continues to be weak but there is a possibility of a rebound, the MACD volume energy column 0-axis decreases the volume, the RSI indicator is relatively mild, and the probability of weakening again after a short-term rebound is high.
Long-short turning point: 109.00
Resistance: 115.00 122.00
Support: 102.00 93.00
Trading Strategy: Bearish below 109.00, target 102.00, 93.00
Alternative strategy: bullish above 109.00, target 115.00, 122.00
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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