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USOil: hovering high
2023-04-11
942
Fundamental analysis:
Crude oil remained volatile around 80.263. Although the Organization of the Petroleum Exporting Countries and its partners (OPEC+) will further tighten supply in May, officials from Iraq and the autonomous Kurdish region in the north of the country started negotiations to resume oil exports, limiting the rise in oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: High short-term narrow-range weak consolidation, market bearish sentiment began to show signs of slow emergence, MACD indicator is in the long zone to maintain consolidation and move down, RSI indicator is hovering weakly near the 50 balance line;
Resistance: 81.012 81.814
Support levels: 78.952 78.149
Trading strategy: bearish below 80.263, target 78.952 78.149
Alternative strategy: call above 80.263, target 81.012 81.814
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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