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USOil: Bears move down
2022-12-19
1081
Fundamental analysis:
Crude oil remained volatile around 74.254, and the market's worries about economic recession intensified, and the weekly gains of oil narrowed. Global stocks were lower on concerns that central banks' continued determination to fight inflation will tip economies into recession.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics remain volatile and downward, the short-term decline may continue, the market is in a good short position, the MACD indicator is hovering around the 0 axis, and the RSI indicator is under the 50 balance line.
Long-short turning point: 74.658
Suppression: 75.489, 76.344
Support: 73.446, 72.615
Trading strategy: bearish below 74.658, target 73.446, 72.615
Alternative strategy: call above 74.658, target 75.489, 76.344
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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