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USOil: Bulls up
2022-12-02
967
Fundamental analysis:
Crude oil remained volatile around 81.376. OPEC's oil production in November fell by 710,000 barrels per day to 29.01 million barrels per day compared with October. The reduction in production mainly came from Saudi Arabia, the largest exporter, and other Gulf member states. Saudi Arabia cut output by 500,000 bpd in November from October, almost the full reduction promised.
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 as a whole is in a bullish upward trend, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;
Long and short turning point: 80.989
Suppression: 82.235, 83.288
Support: 80.096, 79.107
Trading strategy: Bullish above 80.989, target 87.235, 83.288
Alternative strategy: bearish below 80.989, target 80.096, 79.107
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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