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Usoil: long high continued to rise

Fundamental analysis:

Crude oil fluctuated around 96.923. The United Arab Emirates and Saudi Arabia have the same ideas on production policy, while the Ministry of oil of Oman also expressed support for OPEC and its allies (OPEC +) in their efforts to maintain market stability. If Iran's nuclear agreement is restarted and Iran's oil export ban is lifted, OPEC will consider reducing production to offset any increase in Iran's production.

Crude oil usoil - 4-hour K-line diagram shows:

Technical analysis:

According to the 4-hour chart, the low-level Bulls' power keeps rising, the short-term highs continue to move upward, the market bullish mood is good, the MACD index is in the 0-axis upward weak consolidation, and the RSI index is in the 50 equilibrium online side shock;

Long and short turning point: 96.364

Pressing position: 98.248, 99.143

Support position: 95.334, 94.451

Trading strategy: bullish above 96.364, target 98.248, 99.143

Alternative strategy: bearish below 96.364, target 95.334, 94.451

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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