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Biden Will Release Crude Oil Reserves, Bear In Usoil Roars Again.
The supply of crude oil may gradually be sufficient, and the USoil are in a bearish perspective.
【Strategy】
Investors can consider marginal Short in current price. With target 95.4, Stop loss by 101.5.
【News】
The Biden administration announced that it will release 1 million barrels of crude oil reserves per day in the next six months, and called on allies to release it together. The market expects a total of 180 million barrels of crude oil reserves to be released. After the news came out, international oil prices fell by 7% yesterday. The crude oil reserves released in this round are indeed larger than in the past, and it is not ruled out that other allies choose to follow up. In addition, my country’s epidemic-related restrictions are still being implemented to adversely affects crude oil demand. Therefore, the main idea of USoil is a bearish layout.
【Technical】
In the D1 range, although the quotation is on the lower track of Bollinger and below all MA moving averages, it indicates a bearish pattern. The sub-indicator MACD bearish kinetic energy increases and the KD double-line downwards is favorable for investors to have bearish layout.
*The above contents are the opinions of third-party media commentators, and do not represent the position of this platform. The opinions are for reference only. Investors should make independent judgments, prudently evaluate and bear investment risks at their own risk.
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