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USOIL: Short-term storage rebound demand
2022-08-07
1267
A brief analysis of the fundamentals:
International oil prices tumbled nearly 10%, hitting a record low since February. Soaring inflation and rising interest rates have sparked fears of a recession. A global manufacturing slump has dimmed the outlook for fuel demand, leaving the Organization of the Petroleum Exporting Countries and its partners (OPEC+). A decision to raise symbolic output for September was made.
4-hour chart of U.S. crude oil USOil
A brief technical analysis:
Looking at the 4-hour chart: oil prices began to decline rapidly after breaking the lower edge of the finishing range. The MACD volume energy column was under heavy volume below the 0-axis, and the RSI indicator rebounded slightly. The short-term price has a high probability of continuing to decline after the rebound and correction.
Long-short turning point: 95.00
Resistance: 102.00 109.00
Support: 88.00 80.000
Trading strategy: Bearish below 95.00, target 88.00, 80.00
Alternative strategy: bullish above 95.00, target 102.00, 109.00
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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