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USOil: High level sorting

2022-11-08
586
Fundamental analysis:

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:



Technical analysis:


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



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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