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USOil: High level falls
2022-11-09
1070
Fundamental analysis:
Crude oil remained volatile near 88.700, and market participants will pay attention to the US CPI data released later this week to look for trading clues. Against the background of stubbornly high inflation and rising interest rates in major western countries, oil futures are still pricing the possibility of global economic recession.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions has fallen sharply, and the short-term decline may continue. Short positions emerge in the market. The MACD indicator is in the long area, and the RSI indicator is in the weak area below the 50 equilibrium line;
Empty turning point: 88.998
Pressing: 89.875, 90.752
Support: 87.981, 87.303
Trading strategy: 88.998 lower bearish, target 87.981, 87.303
Alternative strategy: 88.998 upper bullish, 89.875 and 90.752 targets
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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