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USOIL: Risk release, short-term rebound
2022-08-19
1236
A brief analysis of the fundamentals:
In early Asian trading on Friday (August 19), U.S. oil was now at $90.60 per barrel; oil prices rose more than 3.5% on Thursday, as positive U.S. economic data and strong U.S. fuel consumption offset the impact on economic growth in other countries. The OPEC secretary-general sees a relatively positive outlook for next year.
4-hour chart of U.S. crude oil USOil
A brief technical analysis:
From the 4-hour chart: oil prices continued to rebound slightly, the MACD volume continued to shrink below the 0-axis of the energy column, and the RSI index fell slightly. The short-term price continued to rebound with a high probability, waiting for the outcome of the Iran nuclear talks.
Long-short turning point: 95.00
Resistance: 102.00 109.00
Support: 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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