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USOil: Low level wide amplitude vibration

2022-09-23
510
Fundamental analysis:

Crude oil remained volatile around 83.450, and Russia and Ukraine were worried about the geopolitical situation, which helped the oil price rise to around 86.65 US dollars/barrel on Wednesday, but it was finally pressured by the US Federal Reserve's interest rate increase and the US dollar's surge.



Crude oil USOil - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the low position remains wide range shock, and the short-term or low position is wide range consolidation trend. There is a slight lack of follow-up power for the market bulls to pull up. The MACD index hovers under the 0 axis, and the RSI index is arranged under the 50 equilibrium line;


Empty turning point: 83.066


Pressing position: 84.327, 85.219


Support position: 82.163, 81.535


Trading strategy: 83.066 lower bearish, with 82.163 and 81.535 targets


Alternative strategy: bullish above 83.066, target 84.327, 85.219

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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