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USOil: high retracement
2023-01-17
907
Fundamental analysis:
Crude oil remained volatile around 78.779, and China's crude oil imports in December increased by 4% year-on-year. And the expected recovery in travel for the Lunar New Year holiday, which began this weekend, is brightening the outlook for transportation fuels. Traffic levels in China continue to rebound from their lows, leading to higher demand for crude oil and petroleum products.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: high short-term shocks and retracement, bearish sentiment in the market began to emerge slowly, the bullish momentum gradually weakened, the MACD indicator showed signs of moving down after oscillating in the bullish zone, and the RSI indicator slowed down in the bullish zone;
Long-short turning point: 79.027
Suppression: 79.452, 79.939
Support: 78.336, 77.991
Trading strategy: bearish below 79.027, target 78.336, 77.991
Alternative strategy: call above 79.027, target 79.452, 79.939
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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