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USOil: Bull shock moves up
2022-10-04
1221
Fundamental analysis:
Crude oil remained volatile near 83.420, and the Organization of Petroleum Exporting Countries and its partners (OPEC+) considered reducing production by more than 1 million barrels per day to support the market. This will be the largest production reduction since the new crown pandemic.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the low position bulls are rising in a ladder like manner, short-term bullish sentiment is constantly pouring in, and the rising trend of bulls continues. The MACD indicator is hovering on the top of the 0 axis, and the RSI indicator is in the 50 balanced online side of the weak sorting;
Empty turning point: 83.062
Pressing position: 84.179, 84.937
Support position: 82.264, 81.287
Trading strategy: bullish above 83.062, target 84.179, 84.937
Alternative strategy: 83.062 bearish, 82.264 and 81.287 targets
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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