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USOil: Continued upward trend

Fundamental analysis:

Crude oil remained volatile around 81.686. The U.S. EIA crude oil inventory for the week of August 25 was -10.58 million barrels, expected -2.191 million barrels (Bloomberg users expected -6.8 million barrels), and the previous value was -6.134 million barrels. The U.S. crude oil inventory in the EIA Cushing area for the week of August 25 was -1.5 million barrels, compared with the previous value of -3.133 million barrels.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, the market bulls continue to move upward, the MACD indicator maintains consolidation in the bullish zone, and the RSI indicator hovers weakly above the 50 equilibrium line;

Resistance level: 81.996 82.234

Support level: 81.141 80.777

Trading strategy: Bullish above 81.495, target 81.996 82.234
Alternative strategy: bearish below 81.495, target 81.141 80.777

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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