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USOIL: Rebound as expected, firm short selling
2022-08-01
1515
A brief analysis of the fundamentals:
US oil prices rebounded slightly this week. The Fed raised interest rates by 75 basis points as scheduled, and crude oil prices rebounded in relief. In addition, Russia cut crude oil supply to Europe, which revived concerns about tighter supply in the crude oil market, which supported oil prices.
4-hour chart of U.S. crude oil USOil
A brief technical analysis:
Looking at the 4-hour chart: the price rose rapidly on Friday night and then fell quickly, the MACD volume energy column shrank near the 0-axis, the RSI indicator trended in a narrow range, and the probability of continuing to decline after a short-term price 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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