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USOil: high up

2023-08-02
782
Fundamental analysis:

Crude oil remained volatile around 82.149, and the market's attention turned to the Ministerial Supervisory Committee meeting of the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) to be held this Friday (August 4). The market expects that this meeting will provide some information on the market outlook.

Crude oil USOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum moves upwards with high volatility, the market is still bullish, the market bulls are constantly moving upwards, the MACD indicator is in the bullish zone, and the RSI indicator is in the bullish zone for shocks;

Resistance levels: 82.593 82.968

Support levels: 81.420 81.027

Trading strategy: Bullish above 81.866, target 82.593 82.968
Alternative strategy: bearish below 81.866, target 81.420 81.027

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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