CM Trade

Download APP to receive bonus

GET

USOil: Shorts plummet

2022-11-10
567
Fundamental analysis:

Crude oil remained volatile around 85.519. The EIA crude oil inventory of the United States in the week ended November 4 was 3.925 million barrels, expected to be 1.36 million barrels, with a previous value of - 31.15 million barrels. After the EIA data was released, the short-term fluctuation of the United States and the Brazzaville was not significant. The growth rate of domestic crude oil production in the week to November 4 in the United States was the largest since July 22, 2022.



Crude oil USOil - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the momentum of short positions fluctuates rapidly downward, and the short-term decline may continue. The short positions in the market are in a good mood. The MACD indicator stays in the low position of short positions and keeps moving downward, while the RSI indicator is in the weak downward position below the 50 equilibrium line;


Empty turning point: 85.888


Pressing: 86.646, 87.403


Support: 84.772, 84.054


Trading strategy: bearish at 85.888, with the goals of 84.772 and 84.054


Alternative strategy: bullish above 85.888, target 86.646, 87.403

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More