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USOil: move down low
2023-02-03
874
Fundamental analysis:
Crude oil remained volatile around 75.762. China's demand is expected to increase, but Russia's supply outlook is uncertain. The OPEC+ oil-producing country group approved maintaining the current production policy at a meeting on Wednesday. OPEC+ agreed last year to cut production by 2 million bpd from November and extend until the end of 2023, accounting for about 2% of world demand.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level short-term momentum remains volatile and downward, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continued downward movement in the short-term, the MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Long-short turning point: 75.974
Suppression: 76.415, 76.827
Support: 75.300, 74.943
Trading strategy: bearish below 75.974, target 75.300, 74.943
Alternative strategy: call above 75.974, target 76.415, 76.827
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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