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USOil: high level finishing
2023-04-05
974
Fundamental analysis:
Crude oil remained volatile around 80.950. OPEC and its allies unexpectedly announced production cuts that may reduce actual global production by about 1 million barrels per day. This move may be aimed at short-selling traders. The purpose of the unexpected production cut may be to clear the short futures and options positions that have increased in recent weeks.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: high short-term narrow-range consolidation, the market as a whole is at a high level and then fluctuates, the MACD indicator is hovering at a high level in the bullish zone, and the RSI indicator is in the bullish zone to maintain consolidation;
Resistance levels: 81.789 82.537
Support levels: 79.607 78.672
Trading strategy: Bullish above 80.511, target 81.789 82.537
Alternative strategy: bearish below 80.511, target 79.607 78.672
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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