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USOIL; Keep strong in the short term

2022-09-15
1183
Basic analysis:

In the United States, the latest government data showed that crude oil inventories rose for the second consecutive week last week, again driven by the continued release of strategic oil reserves (SPR). Commercial stocks increased by 2.4 million barrels as 8.4 million barrels were released from the strategic oil reserves, which will end next month.


US Oil Daily Chart


Technical analysis:


The daily chart shows that the repeated competition for oil price is relatively strong overall, the MACD capacity column slightly shrinks below the 0 axis, and the RSI index rapidly strengthens slightly. The short-term price may be repeated, but the medium-term is still not optimistic.


Empty turning point: 97.00


Resistance level: 109.00 122.00


Support position: 86.00 75.00


Trading strategy: bearish under 97.00, target 86.00, 75.00


Alternative strategy: bullish above 97.00, target 109.00, 122.00

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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