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USOil: high retracement
2023-08-11
815
Fundamental analysis:
Crude oil remains volatile around 82.842. OPEC predicts that global oil consumption will increase by 2.4 million barrels per day this year, reaching an average of 102 million barrels. It is expected that by 2024, global oil consumption will further increase by 2.2 million barrels per day.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics are oscillating downwards, and the short-term decline may continue. The market as a whole is constantly moving downwards. The MACD indicator is slowly retreating in the bullish area, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 83.478 83.900
Support levels: 82.403 81.982
Trading strategy: bearish below 83.029, target 82.403 81.982
Alternative strategy: call above 83.029, target 83.478 83.900
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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