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USOil: Bears down

2023-08-22
710
Fundamental analysis:

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

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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