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USOil: Bears plunge

Fundamental analysis:

Crude oil remained volatile around 71.981, due to uncertainty about whether the United States will avoid a debt default, diluting the benefits brought by the expectation of further production cuts by OPEC+. Although China's future demand is expected to limit the downside of oil prices.

Crude oil USOil - 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart: The short-term momentum has fallen sharply, and the short-term decline may continue. Although there is a support reversal at the low level, the downward trend remains. The MACD index maintains shocks and moves down to hover around the 0 axis, and the RSI index is weak below the 50 balance line tidy;

Resistance: 72.352 72.732

Support levels: 71.334 70.944

Trading strategy: bearish below 71.981, target 71.334 70.944
Alternative strategy: call above 71.981, target 72.352 72.732

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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