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USOil: High level vibration
2022-11-03
1102
Fundamental analysis:
Crude oil remained volatile around 89.283. According to the data released by the US EIA, the decline of commercial crude oil inventory excluding strategic reserves in the US in the week ended October 28 exceeded expectations, but the decline was less than that of API.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' power has kept surging. In the short term narrow range consolidation of high position, the bulls have continued to move upward. The MACD index is on the upper side of the 0 axis for consolidation, and the RSI index is on the lower side of the 50 balanced line for wandering;
Empty turning point: 89.004
Pressing: 89.777, 90.256
Support: 88.463, 87.969
Trading strategy: bullish above 89.004, target 89.777, 90.256
Alternative strategy: 89.004 lower bearish, target 88.463, 87.969
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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