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USOil: High level forced pull
2022-11-07
1060
Fundamental analysis:
Crude oil remained volatile near 92.422. OPEC's output in October fell for the first time since June. In addition, its daily output was lower than the target of 1.36 million barrels. The OPEC+production must be reduced by 2 million barrels per day from November as planned. The oil market expects that this measure will further tighten the supply in the coming months.
Crude oil USOil - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum has risen strongly, short-term bullish sentiment has emerged, the market bulls continue to move upward, MACD indicators continue to move upward in the bulls' region, and RSI indicators are in the bulls' region for high consolidation;
Empty turning point: 92.173
Pressing: 93.171, 93.970
Support: 91.555, 90.896
Trading strategy: bullish above 92.173, with 93.171 and 93.970 targets
Alternative strategy: 92.173 lower bearish, target 91.555, 90.896
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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