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Usoil: long shock pull up
2022-09-13
1109
Fundamental analysis:
Crude oil remained volatile around 88.072, and the global oil price rebounded because the G7 would impose a price cap on Russian oil to restrict Russia's lucrative oil export income from supporting the war in Ukraine. When the EU's oil embargo against Russia comes into effect on December 5, supply is expected to be further tightened. Russian President Vladimir Putin has said that Moscow will stop shipping to countries with price caps.
Crude oil usoil - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low-level Bulls' power has kept surging, the short-term bullish sentiment is shrouded, and the bulls have continued to pull up. The MACD index is hovering on the upper side of the 0 axis, and the RSI index is in the narrow range of 50 equilibrium;
Long short turning point: 87.505
Pressing position: 89.043, 90.078
Support position: 86.351, 85.404
Trading strategy: bullish above 87.505, target 89.043, 90.078
Alternative strategy: bearish below 87.505, target 86.351, 85.404
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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