Crude oil remained volatile around 88.759. Rising oil inventory levels, increased supplies from Russia, Iran and Venezuela, weak global demand and weak economic recovery in Asian countries have all affected oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum continues to fluctuate upwards, the short-term bullish sentiment remains, the market bulls continue to rise, the MACD indicator is in the bullish zone and maintains consolidation, and the RSI indicator is in the bullish zone and continues to fluctuate;
Resistance level: 89.385 89.888
Support level: 87.761 87.156
Trading strategy: Bullish above 88.366, target 89.385 89.888
Alternative strategy: bearish below 88.366, target 87.761 87.156