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Usoil: low short positions, weak downside
2022-08-04
1244
Fundamental analysis:
Crude oil remained volatile around 90.901. The EIA crude oil inventory in the United States increased unexpectedly in the week ended July 29. In addition to the strategic reserve, commercial crude oil imported 7.342 million barrels per day last week, an increase of 1.178 million barrels per day over the previous week; Last week, crude oil exports decreased by 1.036 million barrels per day to 3.512 million barrels per day.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the market short power continued to decline well. Although the short-term amplitude space of the low level gradually narrowed, there was no sign of final stop in the short term. The MACD index was in the short area to maintain consolidation and translation, and the RSI index was in the weak position below the 50 equilibrium line;
Long short turning point: 92.120
Pressing position: 95.000, 97.400
Support position: 88.369, 85.589
Trading strategy: bearish below 92.120, target 88.369, 85.589
Alternative strategy: bullish above 92.120, target 95.000, 97.400
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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