Crude oil remained volatile around 80.180, and OPEC+ crude oil exports will decline for the second consecutive month in August. Overall supply is falling, while demand is rising. Unless there is a recession and demand slows or falls, OPEC+ is in control.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is weakly hovering below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance levels: 80.777 81.129
Support levels: 79.797 79.467
Trading strategy: bearish below 80.413, target 79.797 79.467
Alternative strategy: call above 80.413, target 80.777 81.129