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Usoil: low shock recovery
2022-09-06
1014
Fundamental analysis:
Crude oil remained volatile around 89.171, and investors focused on the possible actions of reducing production and guaranteeing prices that the organization of Petroleum Exporting Countries and its partners (OPEC +) will take at the meeting later in the day. As the United States happens to be closed on labor day, the market liquidity is lighter than usual.
Crude oil usoil - 4-hour K-line chart shows:
Technical analysis:
From the 4-hour chart, we can see that low-level short-term shocks, bulls are waiting for the opportunity to enter the market, slowly sorting out and moving up, MACD index is in the short area, maintaining the sorting out and slowly moving up, and RSI index is in the weak position near the 50 equilibrium line;
Long short turning point: 88.897
Pressing position: 89.867, 90.774
Support position: 88.180, 87.384
Trading strategy: bullish above 88.897, target 89.867, 90.774
Alternative strategy: bearish below 88.897, target 88.180, 87.384
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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