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USOil: low down
2022-12-09
967
Fundamental analysis:
Crude oil remained volatile around 71.804. As more buyers give up purchasing Russian crude oil, Russia's total crude oil production will decrease by 1.4 million barrels per day next year. Russia's production has averaged about 11 million barrels per day this year, according to the International Energy Agency.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level short-term momentum continues to fluctuate downward, and the short-term decline may continue. The market is in a good short position. The MACD indicator is in the low-level order in the short-selling area, and the RSI indicator is hovering at the low-level in the short-term area;
Long-short turning point: 72.039
Suppression: 72.894, 73.622
Support: 71.000, 70.299
Trading strategy: bearish below 72.039, target 71.000, 70.299
Alternative strategy: call above 72.039, target 72.894, 73.622
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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