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USOil: rapid pull up
2023-08-04
798
Fundamental analysis:
Crude oil remained volatile around 81.695. Saudi Arabia hopes to see a long-term rise in oil prices to $90 a barrel, and economic data in Asia may improve, so it began to consider putting 1 million barrels per day of oil back into the market.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls is rising rapidly, the market is shrouded in bullish sentiment, and there is a trend of continuing to move upward in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order on the side of the 50 balance line;
Resistance levels: 82.209 82.648
Support: 80.963 80.460
Trading strategy: Bullish above 81.451, target 82.209 82.648
Alternative strategy: bearish below 81.451, target 80.963 80.460
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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