USOil: High level sorting
Crude oil remained volatile near 91.849. As Russia is the world's second largest crude oil exporter after Saudi Arabia, excessive discounts may accidentally squeeze global supply. This could raise fuel prices for Western consumers. Even if Moscow does not live up to the above threats, the relevant comments may help support oil prices.
Crude oil USOil - 4-hour K line chart shows:
The 4-hour chart shows that the market bulls are beginning to weaken due to the high level and narrow range shocks. The MACD index is at the high level in the bulls' region and the RSI index is at the 50 balanced online side;
Empty turning point: 92.173
Pressing: 92.885, 93.622
Support: 91.190, 90.553
Trading strategy: 92.173 lower bearish, 91.190 and 90.553 targets
Alternative strategy: 92.173 upper bullish, 92.885 and 93.622 targets
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