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USOil: Shock up
2023-07-28
828
Fundamental analysis:
Crude oil remained volatile around 79.781, as expectations of tight supply and strong demand from China overwhelmed concerns about an economic slowdown. Russian crude traded above the $60/barrel ceiling, leaving the U.S. government in a policy quandary.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows that the high level of the bullish momentum continues to fluctuate upwards, and the short-term bullish sentiment is good. The bulls in the market are constantly rising. The MACD indicator is in the high level of the bullish zone, and the RSI indicator is in the bullish zone to maintain consolidation;
Resistance levels: 80.168 80.546
Support levels: 79.174 78.768
Trading strategy: Bullish above 79.566, target 80.168 80.546
Alternative strategy: bearish below 79.566, target 79.174 78.768
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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