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USOil: bulls move up
2023-01-13
921
Fundamental analysis:
Crude oil remained volatile around 78.283. As the European Union continues to work hard to impose more sanctions on Russia, the market needs to deal with additional restrictions on sales of Russian fuel products that will come into force in February. An international price cap imposed on Russian crude oil sales came into effect on Dec. 5.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the market bulls continue to climb, the MACD indicator is slowly rising in the bullish zone, and the RSI indicator is in the bullish zone for consolidation;
Long-short turning point: 77.953
Suppression: 78.827, 79.442
Support: 77.289, 76.722
Trading strategy: Bullish above 77.953, target 78.827, 79.442
Alternative strategy: bearish below 77.953, target 77.289, 76.722
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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