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USOil: Bulls rise in shock
2022-11-02
1146
Fundamental analysis:
Crude oil remained volatile near 88.535. The OPEC World Oil Outlook 2022 raised the outlook for global medium - and long-term oil demand. Next year, global oil demand will increase to 103 million barrels/day, 2.7 million barrels/day more than 2022, and 1.4 million barrels/day more than the data predicted by the organization last year.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum has maintained a continuous upward trend of shock, and the short-term bullish trend is good. The early high is just around the corner, the MACD indicator hovers on the top of the 0 axis, and the RSI indicator is in the 50 balanced online weak sorting;
Empty turning point: 88.318
Pressing: 89.114, 89.635
Support: 87.798, 87.248
Trading strategy: bullish above 88.318, target 89.114, 89.635
Alternative strategy: 88.318 bearish, target 87.798, 87.248
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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