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Usoil: low shorts keep moving down
2022-08-05
1301
Fundamental analysis:
Crude oil remained volatile around 88.069. Saudi Aramco raised the price of light crude oil sold to Asia in September to $9.8 per barrel, a record high premium, which was 50 cents higher than that in August, higher than the benchmark price in the region.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the downward trend of the market short position is good, and the short-term decline may continue. The MACD index is in the short position area to maintain consolidation and translation, and the RSI index is below the 50 equilibrium line to maintain a weak downward trend;
Long short turning point: 88.928
Pressing position: 91.987, 95.000
Support position: 85.554, 82.125
Trading strategy: bearish below 88.928, target 85.554, 82.125
Alternative strategy: bullish above 88.928, target 91.987, 95.000
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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