KENJICHEN

0320-USOIL Analysis

Short
TVC:USOIL   CFDs on WTI Crude Oil

USOIL
Oil reached Fib 0.5 level and long position target 59.34 yesterday, then seems confront downward pressure by offset position comes out.

In daily trading, oil may need time and space to recharge momentum to challenge $59 in the future, therefore, consider to short at 58.80 for short-term consolidation profits.

Support: 58.02 / 58.45

Resistance: 59.07 / 59.34
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