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USOil: High level consolidation

Fundamental analysis:

Crude oil remained volatile around 85.857. OPEC+'s efforts to reduce supply for months have dominated the spot market, while China has shown new determination to boost its economy. China is the key engine of global crude oil consumption, and international oil prices have subsequently soared.

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

Brief technical analysis:

4-hour chart: The high level remains consolidated in the short term, and the market is bullish. After the short-term high consolidation, it continues to move upward. The MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator is hovering near the 80 equilibrium line in the overbought zone;

Resistance level: 86.365 86.807

Support level: 85.119 84.585

Trading strategy: Bullish above 85.608, target 86.365 86.807
Alternative strategy: bearish below 85.608, target 85.119 84.585

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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