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USOil: Shorts plummet

Fundamental analysis:

Crude oil remained volatile near 85.181. OPEC monthly report: it is estimated that the growth rate of global crude oil demand in 2022 is expected to be 2.55 million barrels per day. It is estimated that the global crude oil demand in 2022 will be 99.57 million barrels/day, compared with 99.67 million barrels/day previously.

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

Technical analysis:

The 4-hour chart shows that the momentum of short positions has fallen rapidly, and the short-term decline may continue. The market as a whole is in a downward trend of short positions, and the MACD index is in a weak position at the bottom of the 0 axis;

Empty turning point: 85.459

Pressing: 86.011, 86.546

Support: 84.632, 84.138

Trading strategy: 85.459 lower bearish, target 84.632, 84.138

Alternative strategy: bullish above 85.459, target 86.011, 86.546

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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