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USOil: Up from highs
2023-09-15
729
Fundamental analysis:
Crude oil remains volatile around 90.697. The crude oil market has taken a bullish stance and maintained an upward trajectory. The market appears ready to target the $90 level, indicating a clear attempt to break out of the recent consolidation pattern. The key factor in this bullish scenario is supply shortages, driven primarily by voluntary production cuts implemented by Russia and Saudi Arabia.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The high bull power continues to fluctuate and rise, the short-term bullish sentiment remains, the market bulls continue to rise, the MACD indicator is in the bull zone, and the RSI indicator is in the bull zone and continues to move upward;
Resistance level: 91.290 91.888
Support level: 89.737 89.193
Trading strategy: Bullish above 90.302, target 91.290 91.888
Alternative strategy: bearish below 90.302, target 89.737 89.193
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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