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Usoil: low position bears fell sharply

Fundamental analysis:

Crude oil has been fluctuating around 81.728. At present, the oil price is falling. After breaking through the low point of $85 / barrel in August, the decline was stopped. However, at the level above $80 / barrel, the oil price cannot be well supported. The oil price could not rebound on the basis of the good news, and now it has broken the technical support level. The market is obviously worried about the sharp economic slowdown in Europe and the impact on emerging markets.

Crude oil usoil - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the momentum of low-level short positions has maintained a turbulent and rapid decline, the short-term decline has not stopped, the market is shrouded in short positions, and there is a further downward trend in the short term. The MACD indicator is in the downward trend of short positions, and the RSI indicator is in the lower side of the 50 equilibrium line;

Long short turning point: 82.442

Pressing position: 83.464, 84.515

Support position: 80.774, 79.771

Trading strategy: 82.442 bearish, target 80.774, 79.771

Alternative strategy: bullish above 82.442, target 83.464, 84.515

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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