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USOil: Low decline
2022-11-24
1096
Fundamental analysis:
Crude oil remained volatile around 77.350. As of November 18, the decline of commercial crude oil inventory excluding strategic reserves in the United States exceeded expectations, and the growth of refined oil inventory and gasoline inventory exceeded expectations.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low price of short sellers has fallen again, the market as a whole is still in a weak position, and the short-term low price maintains a good downward trend. The MACD index is in the weak consolidation of short sellers' regions, and the RSI index is in the weak wandering of short sellers' regions;
Empty turning point: 77.981
Pressing: 79.141, 80.367
Support: 76.159, 75.198
Trading strategy: 77.981 lower bearish, with targets of 76.159 and 75.198
Alternative strategy: 77.981 upper bullish, 79.141 and 80.367 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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