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Usoil: firm rebound short selling
2022-07-27
1270
Basic analysis:
Oil prices fell by more than 1% on Tuesday, and investors were prepared for the release of another 20million barrels of crude oil from the US strategic oil reserve. At the same time, investors were also worried about the decline in consumer confidence.
US crude usoil 4-hour chart
Technical analysis:
According to the 4-hour chart, the short-term price continued to rebound, but began to fall in the late trading. The MACD energy column contracted near the 0 axis. The RSI index trend was flat, and the probability of continuing to decline after the short-term price rebound was high.
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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