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USOIL: The rebound is in good shape
2022-08-23
1243
A brief analysis of the fundamentals:
Oil prices rebounded from session lows on Monday, almost flat in choppy trade, as markets weighed Saudi Arabia's warnings about possible output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, and a nuclear deal that could leave sanctioned Iranian oil The possibility of returning to the 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, the MACD volume continues to shrink below the 0-axis of the energy column, the RSI indicator is neutral, and the short-term price continues to rebound with a high probability, 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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