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USOil: Bears plunge
2023-01-31
892
Fundamental analysis:
Crude oil remained volatile around 77.765. The Canadian Imperial Bank of Commerce said that given the uncertainty about the recovery of oil demand and the slowdown of the global economy, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) is unlikely to recommend changes in production policy at its meeting on Wednesday. The next OPEC+ ministerial meeting is scheduled for June 2023.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, and the short-term decline may continue. The overall short-term sentiment in the market is shrouded, and there is a trend of continuing to move downward in the short-term.
Long-short turning point: 77.922
Suppression: 78.337, 78.701
Support: 77.390, 77.048
Trading strategy: bearish below 77.922, target 77.390, 77.048
Alternative strategy: call above 77.922, target 78.337, 78.701
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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