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USOil: low shock
2022-11-29
1053
Fundamental analysis:
Crude oil remained volatile around 76.521, and international oil prices fell to an 11-month low. The rising uncertainty of the global epidemic has exacerbated demand concerns. Oil prices could fall further unless OPEC+ agrees to cut production further, or the U.S. restocks its strategic reserves.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum ladder fluctuates downward, the short-term reversal moves up and meets resistance, the market bearish downward trend remains, the MACD indicator is in the short-term low-level reversal, and the RSI indicator is hovering weakly near the 50 balance line;
Long-short turning point: 76.725
Suppression: 77.603, 78.609
Support: 75.531, 74.644
Trading strategy: bearish below 76.725, target 75.531, 74.644
Alternative strategy: call above 76.725, target 77.603, 78.609
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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