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USOil: bear down
2022-11-17
1068
Fundamental analysis:
The crude oil remained volatile near 85.304. EIA report: the EIA crude oil inventory of the United States in the week ended November 11 was -5.4 million barrels, expected to be -4.4 million barrels, with a previous value of 3.925 million barrels. The inventory of Cushing crude oil in Oklahoma was -1624000 barrels, with a previous value of -923000 barrels. The US strategic oil reserve (SPR) inventory decreased by 4.1 million barrels, or 1.03%, to 392.1 million barrels.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low short position moves downward, the amplitude space narrows, the market as a whole is in the process of moving downward, the MACD indicator hovers in the weak position under the 0 axis, and the RSI indicator is in the weak position under the 50 equilibrium line;
Empty turning point: 85.625
Pressing: 86.216, 86.807
Support: 84.711, 84.148
Trading strategy: bearish at 85.625, target 84.711, 84.148
Alternative strategy: bullish above 85.625, target 86.216, 86.807
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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