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USOil: high retracement
2022-12-23
878
Fundamental analysis:
Crude oil remained volatile around 78.135 due to tight inventories of crude oil, heating oil and jet fuel in the United States. At the same time, the United States is hit by a cold snap and the number of people traveling during the holiday season will also surge. Consumption of jet fuel will also heat up with the post-pandemic travel boom in the year-end holiday season.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the high-level short positions has fallen rapidly, and the short-term bulls have quickly reversed again, but they are still in a weak position. The MACD indicator is in the bullish area, and the RSI indicator is hovering weakly above the 50 balance line;
Long-short turning point: 78.453
Suppression: 79.087, 79.721
Support: 77.487, 76.943
Trading strategy: bearish below 78.453, target 77.487, 76.943
Alternative strategy: call above 78.453, target 79.087, 79.721
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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