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soil: bears continue to decline
2022-09-02
1193
Fundamental analysis:
Crude oil fluctuated around 86.513. According to the data of the OPEC + alliance formed by the organization of Petroleum Exporting Countries (OPEC) and its allies, the oil market will still have a small surplus of only 400000 barrels / day in 2022 due to the insufficient domestic production of its members, which is far lower than the previous forecast.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the short power fluctuated and fell rapidly. After reaching the low level in the previous period, it continued to move downward. There was no stop in the short-term decline. The MACD indicator was in the short area and maintained the downward consolidation, while the RSI indicator was in the short area and maintained the narrow consolidation;
Long and short turning point: 86.780
Pressing position: 87.470, 88.160
Support position: 85.767, 85.128
Trading strategy: bearish below 86.780, target 85.767, 85.128
Alternative strategy: bullish above 86.780, target 87.470, 88.160
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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