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USOil: bear shock moves down

Fundamental analysis:

Crude oil remained volatile near 85.139. The US Energy Information Administration (EIA) said in the latest drilling productivity report released this week that the crude oil production of the Permian Basin is expected to hit a record high next month, which will increase by 66000 barrels/day from September to 5.413 million barrels/day by October.

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

Technical analysis:

The 4-hour chart shows that the low bulls' momentum moved up in a short period of time and began to maintain range shocks, but the market's bearish mood was shrouded, and the trend of consolidation fell again. The MACD index remained in the long region and moved down to hover around the 0 axis, while the RSI index was in a narrow range of consolidation below the 50 equilibrium line;

Empty turning point: 85.611

Pressing position: 86.647, 87.682

Support position: 84.103, 83.245

Trading strategy: 85.611 lower bearish, target 84.103, 83.245

Alternative strategy: bullish above 85.611, target 86.647, 87.682

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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