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Usoil: shock after rapid decline
2022-09-01
1266
Fundamental analysis:
Crude oil fluctuated around 88.807. The EIA crude oil inventory of the United States in the week to August 26 was - 3.326 million barrels, expected to be - 1.483 million barrels, and the previous value was - 3.282 million barrels. As of August 26, the commercial crude oil inventory of the United States excluding the strategic reserve was the lowest since the week of June 24, 2022
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the power of high short positions fell rapidly, and the low positions fell again after the short-term huge earthquake. The bearish sentiment of the market was shrouded. The MACD index was in the short position and maintained the downward consolidation, and the RSI index was in the narrow consolidation at the lower side of the 50 equilibrium line;
Long and short turning point: 89.260
Pressing position: 90.036, 90.899
Support position: 88.009, 87.276
Trading strategy: bearish below 89.260, target 88.009, 87.276
Alternative strategy: bullish above 89.260, target 90.036, 90.899
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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