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USOIL; Rolling short at high

2022-11-21
490
Basic analysis:

With the global crude oil market weakening, WTI crude oil futures prices fell for the second day in a row, and fell below 80 dollars per barrel. From Singapore to Houston, the demand for winter delivery goods has declined, while the recent position of the US crude oil futures curve shows signs of oversupply for the first time in a year.


US Oil Daily Chart


Technical analysis:


From the daily chart, we can see that the oil price has accelerated its decline when it broke, the MACD energy column began to expand below the 0 axis, and the RSI continued to decline. There is a high probability that the oil price will continue to decline after a short-term rebound.


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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