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USOIL; Short term rebound demand

Basic analysis:

Oil prices rebounded from their earlier decline after Saudi Arabia denied reports that it was discussing increasing oil supply with OPEC and its allies.

US Oil Daily Chart

Technical analysis:

Look at the daily chart: after the oil price accelerated to decline, the V-shaped reversal occurred, the MACD energy column began to shrink below the 0 axis, the RSI stopped falling and rebounded, and the probability of the short-term oil price continuing to rebound was high.

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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