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USOil: High level consolidation

2023-09-12
632
Fundamental analysis:

Crude oil remains volatile around 87.288. Any signs of strong demand in the International Energy Agency and OPEC crude oil market reports may push up oil prices. U.S. benchmark oil prices have surged nearly $20 a barrel since mid-June, largely due to production cuts by Saudi Arabia and Russia, which have now been extended through the end of the year.

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 bull power has weakened but is still in a high and volatile trend, the MACD indicator is in the bullish zone and remains consolidated, and the RSI indicator is hovering 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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