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USOil: sharp rise in low position
2022-11-16
1083
Fundamental analysis:
Crude oil remained volatile around 86.813. The oil production of the Permian basins in Texas and New Mexico, the largest shale oil basins in the United States, will increase by about 39000 barrels per day in December, reaching a record 5.499 million barrels per day.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that low bulls are rising rapidly, short-term bullish sentiment is beginning to emerge, market bulls continue to enter the market with strong momentum, MACD indicators are in the short area and move up, while RSI indicators are in the weak side of the 50 equilibrium line;
Empty turning point: 86.394
Pressing: 87.351, 87.926
Support: 85.785, 85.175
Trading strategy: bullish above 86.394, target 87.351, 87.926
Alternative strategy: 86.394 lower bearish, target 85.785, 85.175
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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