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Usoil: firm rebound short selling
2022-07-26
1266
Basic analysis:
The latest research of the German Chamber of Commerce and industry (DIHK) shows that due to the sharp rise in natural gas prices, more and more enterprises are forced to stop production or reduce production. According to the German Chamber of Commerce and industry, a total of 16% of industrial companies were forced to cope with the current energy situation by reducing production or partially abandoning certain areas.
US crude usoil 4-hour chart
Technical analysis:
According to the 4-hour chart, the short-term price continues to rebound, the MACD energy column shrinks down the 0 axis, the RSI index trend is flat, and the probability of continuing to decline after the short-term price rebound is large.
Long short turning point: 109.00
Resistance level: 115.00 122.00
Support position: 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
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