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USOil: high volatility
2023-08-08
761
Fundamental analysis:
Crude oil remained volatile around 82.459, with OPEC+ production cuts, Chinese stimulus measures and an improving U.S. economic outlook supporting crude oil prices, suggesting that prices are approaching near-term resistance at April's high.
Crude oil USOil - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level remains volatile in the short term, the market’s bullish sentiment is blocked in the short term, and the short-term turbulence shows signs of continuing to move upwards. The MACD indicator is in the high position of the bullish area, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 82.947 83.396
Support levels: 81.691 81.241
Trading strategy: Bullish above 82.203, target 82.947 83.396
Alternative strategy: bearish below 82.203, target 81.691 81.241
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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