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USOil: high volatility
2023-01-23
861
Fundamental analysis:
Crude oil remained volatile around 81.812, mainly driven by the improving economic outlook in China, which should boost fuel demand in the world's second largest economy. Oil prices were also supported by expectations that the Fed would end its tightening cycle sooner.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is moving upwards with high volatility, and the short-term bullish sentiment is coming again, and it is about to break through the previous high node. The MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Long-short turning point: 81.547
Suppression: 82.394, 82.877
Support: 80.977, 80.389
Trading strategy: Bullish above 81.547, target 82.394, 82.877
Alternative strategy: bearish below 81.547, target 80.977, 80.389
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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