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USOil: High level consolidation

Fundamental analysis:

Crude oil remained fluctuating around 88.820. The EIA crude oil inventory in the United States for the week to September 8 was 3.955 million barrels, which was expected to be -1.912 million barrels, and the previous value was -6.307 million barrels. EIA crude oil inventories in Cushing, Oklahoma -2.45 million barrels, compared with the previous value of -1.75 million barrels.

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

Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum maintains a shock and moves upward and then consolidates. Although the short-term bullish momentum has weakened, it is still in a high and narrow range of shocks. The MACD indicator is in the bullish zone and maintains consolidation. The RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance level: 89.385 89.888

Support level: 87.761 87.156

Trading strategy: Bullish above 88.366, target 89.385 89.888
Alternative strategy: bearish below 88.366, target 87.761 87.156

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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