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USOil: High level consolidation

Fundamental analysis:

Crude oil remained volatile near 87.208. With OPEC+ leaders extending production cuts until the end of 2023, oil prices are currently resting near recent highs after their longest rise in more than four years.

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

Brief technical analysis:

Looking at the 4-hour chart: The high level remains consolidated in the short term, the market's bullish trend remains, and it continues to move upward after the short-term consolidation. The MACD indicator maintains consolidation in the bullish zone, and the RSI indicator hovers weakly above the 50 equilibrium line;

Resistance level: 87.781 88.338

Support level: 86.369 85.793

Trading strategy: Bullish above 86.963, target 87.781 88.338
Alternative strategy: bearish below 86.963, target 86.369 85.793

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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