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USOIL; On the action can weaken

2022-08-26
531
Basic analysis:

On Thursday (August 25), the international oil price hit a high of more than three weeks. As the major oil producing countries may reduce production, the process of restarting the Iranian nuclear agreement is not smooth, Russian exports are interrupted, and some refineries in the United States are closed, the fear of supply tension is intensified. Although the US gasoline demand was tepid, the increase was limited.


4-hour chart of US crude oil


Technical analysis:


According to the 4-hour chart, the oil price weakens slightly, the MACD energy column continues to shrink above the 0-axis, the RSI index weakens rapidly, the short-term price downward adjustment probability is large, and the medium-term is still not optimistic.


Long and short turning point: 95.00


Resistance level: 102.00 109.00


Support position: 88.00 80.000


Trading strategy: bearish below 95.00, target 88.00, 80.00


Alternative strategy: bullish above 95.00, target 102.00, 109.00

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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