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USOil: Low recovery
2023-08-18
780
Fundamental analysis:
Crude oil remained volatile around 80.039. As the market has a bearish sentiment on the world's largest economy, crude oil prices will be in trouble. But the outlook for oil prices remains to be seen as the possibility of further rate hikes by the Federal Reserve will dent fuel demand in the world's largest economy.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level bulls are oscillating and rising, short-term bullish sentiment is emerging, the market bulls are constantly pulling up, the MACD indicator is in the short-selling area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 80.369 80.689
Support levels: 79.467 79.136
Trading strategy: Bullish above 79.819, target 80.369 80.689
Alternative strategy: bearish below 79.819, target 79.467 79.136
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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