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Usoil: weak consolidation of low short positions
2022-09-09
1117
Fundamental analysis:
Crude oil remained volatile around 82.788, and the EIA strategic oil reserve inventory of the United States for the week ending September 2 was the lowest since the week ending November 23, 1984. Last week, the domestic crude oil production of the United States remained unchanged at 12.1 million barrels per day; Last week, crude oil exports decreased by 534000 barrels per day to 3.433 million barrels per day.
Crude oil usoil - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short motive force maintains a fluctuating downward trend, the short-term weakness is in a low range, the market short sentiment is still the same, the MACD indicator is in a short region, and the RSI indicator is in a weak position below the 50 equilibrium line;
Long and short turning point: 83.342
Pressing position: 84.515, 85.598
Support position: 81.260, 80.178
Trading strategy: bearish below 83.342, target 81.260, 80.178
Alternative strategy: bullish above 83.342, target 84.515, 85.598
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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