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USOil: Bulls climb
2023-03-07
796
Fundamental analysis:
Crude oil remained volatile around 80.498 as investors waited for Fed Chairman Powell's upcoming testimony later this week. But signs of a rebound in China's economy have prompted Saudi Arabia to continue raising prices to Asia, lending support to the oil market.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls continue to fluctuate and rise at high levels, the market is bullish, and the short-term bullish trend remains. The MACD indicator is in the bullish zone and continues to move up slowly, and the RSI indicator is in the bullish zone and remains hovering;
Resistance levels: 80.901 81.243
Support levels: 79.922 79.568
Trading strategy: Bullish above 80.289, target 80.901 81.243
Alternative strategy: bearish below 80.289, target 79.922 79.568
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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