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USOIL: Be patient on the upside

2022-10-30
880

Brief analysis of fundamentals:

U.S. crude rose about 3.88%, snapping a two-week losing streak. Oil prices were supported as the U.S. dollar index weakened for a second straight week, narrowing its weekly decline to around 0.83 percent after losing 1.25 percent last week. Market sentiment is optimistic, but supply remains tight.

Daily chart of U.S. crude oil USOil

Technical analysis:

The daily chart shows: oil prices rally after the attack, MACD energy column around the 0 axis, RSI index slightly up, short-term oil prices continue to rebound on the probability of a larger attack.

Long/short turning point: 97.00

Resistance: 109.00 122.00

Support: 86.00 75.00

Trading strategy: Bearish below 97.00, target 86.00, 75.00

Alternative strategy: Bullish above 97.00, target 109.00, 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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