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USOil: high volatility

2023-01-24
937
Fundamental analysis:

Crude oil remained volatile around 81.654. Chinese demand and Russian sanctions will drive the physical oil market to usher in a new year's rebound. China's outlook is promising and oil prices rise.

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



Brief technical analysis:

Looking at the 4-hour chart: the high short-term shocks are slowly rising, the market is shrouded in bullish sentiment, the short-term bullish momentum continues to move upward, the MACD indicator is in the bullish zone, and the RSI indicator is hovering above the 50 balance line;

Long-short turning point: 81.547

Suppression: 82.226, 82.877
Support: 80.977, 80.389

Trading strategy: Bullish above 81.547, target 82.226, 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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