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USOil: bear down

2022-11-01
580
Fundamental analysis:

Crude oil remained volatile around 86.173. EIA data showed that the total oil demand of the United States in August increased by 0.4% or 90000 barrels/day compared with the same period of last year, reaching 20.601 million barrels/day, and that in July increased by 0.9% compared with the same period of last year.




Crude oil USOil - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the bearish momentum has maintained a volatile downward trend, and the short-term decline may continue. The market as a whole has begun to continue to decline. The MACD index is in the bull region, and it has maintained its consolidation and moved down to the vicinity of the 0 axis, while the RSI index is in the weak consolidation below the 50 equilibrium line;


Empty turning point: 86.459


Pressing: 87.152, 87.961


Support: 85.491, 84.827


Trading strategy: bearish at 86.459, target 85.491, 84.827


Alternative strategy: bullish above 86.459, target 87.152, 87.961

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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