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USOil: move high
2023-01-18
865
Fundamental analysis:
Crude oil remained volatile around 80.878. OPEC Monthly Report: Secondary data shows that Iraqi crude oil production in December decreased by 4,000 barrels per day to 4.480 million barrels per day, raising the US economic growth forecast for 2022 from 1.7% to 2.0%.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The bulls’ power fluctuates at a high level and moves up, short-term bullish sentiment emerges, the bulls in the market continue to climb, the MACD indicator is in the bullish zone, and the RSI indicator is in the bullish zone and slowly rising;
Long-short turning point: 80.584
Suppression: 81.370, 81.873
Support: 80.033, 79.483
Trading strategy: Bullish above 80.584, target 81.370, 81.873
Alternative strategy: bearish below 80.584, target 80.033, 79.483
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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