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USOil: hovering high
2023-04-09
923
Fundamental analysis:
Crude oil remained volatile around 80.422 as weak U.S. economic data raised concerns about potential demand reduction and a global recession, although a decline in U.S. oil inventories limited oil price losses, and Saudi Arabia continued to raise prices for Asian customers, suggesting demand in the region exuberant.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level remains weak in the short term, the market as a whole is in a high range of weak volatility, and has not yet come out of the high level shock pattern, the MACD indicator is in the bullish area on the upper side of the 0 axis, and the RSI indicator is weaker on the upper side of the 50 balance line;
Resistance levels: 81.383 82.256
Support levels: 79.460 78.672
Trading strategy: bearish below 80.511, target 79.460 78.672
Alternative strategy: call above 80.511, target 81.383 82.256
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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