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USOIL： Be patient on the upside
2022-10-30
1402
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
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