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