USOil: low shock
Crude oil remained volatile around 79.600. The economic downturn in major Asian countries has put pressure on the demand outlook. The market expects that US crude oil inventories will decline, which still provides some support for oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics are moving downward in low volatility, and the short-term decline may continue. The market as a whole shows signs of continuing to move downward. The MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance: 70.088 80.362
Support: 79.318 79.075
Trading strategy: bearish below 79.761, target 79.318 79.075
Alternative strategy: call above 79.761, target 70.088 80.362
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