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USOIL: There is a short-term rebound demand
2022-09-28
1245
A brief analysis of the fundamentals:
Goldman Sachs cut its 2023 oil price forecast in anticipation of weaker demand and a stronger dollar, but said persistent global supply shortages will only reinforce its long-term bullish outlook. Goldman's commodities research unit cut its forecast for average oil prices next year by $17.5 a barrel, even as it sees a seasonally adjusted global oil market shortage in the fourth quarter of 2022 and 2023
US crude oil USOil daily chart
A brief technical analysis:
From the daily chart: oil prices have stopped falling and rebounded slightly. The MACD volume energy column is under heavy volume below the 0-axis. The RSI indicator is slightly stronger, and the probability of a small rebound in short-term oil prices increases.
Long-short turning point: 97.00
Resistance: 109.00 122.00
Support: 86.00 75.00
Trading Strategy: Bearish below 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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