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USOil: high up

2023-09-07
622
Fundamental analysis:

Crude oil remained volatile around 87.562, and OPEC's imminent production cut cast a shadow over the market and put upward pressure on prices. US participation in oil purchases to replenish the Strategic Petroleum Reserve adds another layer of upward momentum.

Crude oil USOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The high bull momentum has once again fluctuated and risen, short-term bullish sentiment has enveloped the market, and the market bulls have continued to rise. The MACD indicator is consolidating at a high level in the bull area, and the RSI indicator is fluctuating at a high level in the bull area;

Resistance level: 88.078 88.580

Support level: 86.685 86.127

Trading strategy: Bullish above 87.261, target 88.078 88.580
Alternative strategy: bearish below 87.261, target 86.685 86.127

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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