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USOil: High position moves down
2022-11-04
1078
Fundamental analysis:
Crude oil remained volatile around 87.914, and the Federal Reserve continued to raise interest rates aggressively to push up the US dollar, increasing concern that the global economic recession would curb fuel demand. However, the decline was limited by worries about tight supply, and oil prices remained bullish for the time being.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions remains volatile and downward, and the short-term pullback may continue. Market short positions begin to emerge. The MACD indicator hovers on the top of the 0 axis, and the RSI indicator is weak near the 50 equilibrium line;
Empty turning point: 88.185
Pressing: 88.772, 89.313
Support: 87.351, 86.841
Trading strategy: 88.185 downside bearish, with 87.351 and 86.841 targets
Alternative strategy: bullish above 88.185, target 88.772, 89.313
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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