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USOil: up high
2023-07-12
840
Fundamental analysis:
Crude oil remained volatile around 74.768, and the global economy was sluggish. However, oil demand from emerging economies such as China remained strong. Considering the reduction of production by major OPEC+ oil-producing countries, it is expected that the market may remain tense in the second half of the year.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum keeps oscillating and continues to move upwards, the short-term bullish sentiment remains, the market bulls continue to climb, the MACD indicator is in the high level of the bullish area, and the RSI indicator is in the high level of the bullish area.
Resistance: 75.204 75.580
Support levels: 74.059 73.622
Trading strategy: Bullish above 74.811, target 75.204 75.580
Alternative strategy: bearish below 74.811, target 74.059 73.622
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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