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USOil: Move up at low position and retreat when blocked

2022-11-23
480
Fundamental analysis:

Crude oil remained volatile near 81.124, and the Organization of Petroleum Exporting Countries and its partners (OPEC+) may consider increasing production by up to 500000 barrels per day at the meeting on December 4. As a result, overnight oil prices fell by more than 5%, hitting a new low since January.



Crude oil USOil - 4-hour K line chart shows:



Technical analysis:

The 4-hour chart shows that the low position bulls' power has risen strongly, and they have been blocked and sorted out. The bears have signs of waiting for an opportunity to enter the market. The MACD indicator is in the short position and moves up, while the RSI indicator is in the weak position near the 50 equilibrium line;

Empty turning point: 81.693

Pressing: 82.687, 83.765

Support: 79.963, 78.710

Trading strategy: 81.693 lower bearish, with goals of 79.963 and 78.710

Alternative strategy: 81.693 upper bullish, 82.687 and 83.765 targets

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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