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USOil: low order

Fundamental analysis:
Crude oil remained volatile around 78.139, with the G7 country's proposed range for Russia's oil price ceiling above current trading levels, easing concerns over a potential tight supply. EU governments have yet to agree on this price range, and they will resume negotiations in the next two days.

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

A brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum is maintained within a narrow range, the market’s long-short momentum is weakened, and the short-term may remain low and weak, the MACD indicator is in the short-term area, and the RSI indicator is in a narrow range below the 50 equilibrium line;
Long-short turning point: 77.981
Suppression: 79.141, 80.367
Support: 76.537, 75.531
Trading strategy: bullish above 77.981, target 79.141, 80.367
Alternative strategy: bearish below 77.981, target 76.537, 75.531

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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