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USOIL: There is still hope for a rebound
2022-09-30
1298
A brief analysis of the fundamentals:
Oil prices ended lower in choppy trade on Thursday as traders weighed a worsening economic outlook and the possibility of an output cut by the OPEC+ alliance next week.
US crude oil USOil daily chart
A brief technical analysis:
From the daily chart: oil prices continue to rise slightly, the MACD volume energy column begins to shrink below the 0-axis, the RSI indicator slightly strengthens, and the probability of short-term oil prices continuing to rebound 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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