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USOIL: US oil short-term weak
2022-08-28
1240
A brief analysis of the fundamentals:
The United Arab Emirates has become the latest OPEC+ member to voice its endorsement of the Saudi idea, a person familiar with the matter said. OPEC+ is an alliance of OPEC and its allies, including Russia. Saudi Arabia hinted on Monday that it could cut output to offset the return of Iranian oil to the market if Tehran reaches a nuclear deal with the West
4-hour chart of U.S. crude oil USOil
A brief technical analysis:
From the 4-hour chart: oil prices rebounded after a slight weakening, the MACD volume continued to shrink above the 0-axis of the energy column, and the RSI indicator weakened rapidly.
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
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