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USOIL: There are signs of a stop in the short-term
2022-08-21
1373
A brief analysis of the fundamentals:
NYMEX crude oil hit a new low of $85.73 per barrel since late January this year, and the prospect of a global recession continued to put pressure on the market. In addition, the production and exports of Saudi Arabia, the largest crude oil exporter, rose, the US exports hit a record high, and factors such as the resumption of negotiations on the Iran nuclear deal were also negative for the oil market.
4-hour chart of U.S. crude oil USOil
A brief technical analysis:
From the 4-hour chart: oil prices continue to rebound slightly but the follow-up is weak. The MACD volume energy column continues to shrink below the 0-axis, and the RSI indicator falls slightly. The short-term price continues to rebound. The probability is high, and the medium-term is still not optimistic.
Long-short turning point: 95.00
Resistance: 102.00 109.00
Support: 88.00 80.000
Trading strategy: Bearish below 95.00, target 88.00, 80.00
Alternative strategy: bullish above 95.00, target 102.00, 109.00
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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