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