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USOIL； Focus on 95 pass suppression
2022-08-24
1263
Basic analysis:
The oil price surged by nearly 4%, after Saudi Arabia put forward the idea of OPEC + production reduction to support the price under the prospect of Iran's crude oil returning to the market and the decline of US inventories.
4-hour chart of US crude oil
Technical analysis:
According to the 4-hour chart, the oil price continues to strengthen rapidly, the MACD energy column continues to release volume above the 0-axis, the RSI index is strong, and the probability of continued strengthening of short-term prices is large.
Long and short turning point: 95.00
Resistance level: 102.00 109.00
Support position: 88.00 80.000
Trading strategy: bearish below 95.00, target 88.00, 80.00
Alternative strategy: bullish above 95.00, target 102.00, 109.00
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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