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USOil: Climbing High
2023-04-02
951
Fundamental analysis:
Crude oil remained volatile around 75.649, and five representatives of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) said that after oil prices rebounded from 15-month lows, OPEC+ is likely to stick to the current policy at next Monday's ministerial monitoring group meeting. The policy of reducing production by 2 million barrels per day.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The bullish momentum is rising at a high level, the market is still bullish, and there is a trend of continuing to move upward in the short term. The MACD indicator is in the bullish zone and the RSI indicator is hovering at a high level in the bullish zone;
Resistance: 76.158 76.670
Support levels: 74.675 74.046
Trading strategy: Bullish above 75.325, target 76.158 76.670
Alternative strategy: bearish below 75.325, target 74.675 74.046
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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