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USOil: Bulls up

Fundamental analysis:

Crude oil remained volatile around 77.958. US data showed that the economy is still slowing down, but some parts are improving. Oil looks set to stay in a trading range, but the risks are clearly skewed to the upside and some traders may be waiting for next week's U.S. non-farm payrolls report.

Crude oil USOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the short-term bullish sentiment remains, the market as a whole is in an upward trend, the MACD indicator is slowly rising in the bullish zone, and the RSI indicator is hovering above the 50 balance line;

Long-short turning point: 77.765

Suppression: 78.338, 78.671
Support: 77.390, 77.056

Trading strategy: Bullish above 77.765, target 78.338, 78.671
Alternative strategy: bearish below 77.765, target 77.390, 77.056

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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