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USOil: Move up the shock
2023-04-12
938
Fundamental analysis:
Crude oil remained volatile around 81.431. Russia reduced its crude oil production by 700,000 barrels per day in March, higher than the promised 500,000 barrels. The production cuts are due to the European Union's import ban and price caps on Russian products. Novak initially said the production cuts would only take place in March. But two-thirds of the way through March, Novak updated the timetable, saying output cuts would be extended.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term range fluctuates, and the volatility space shows signs of gradually enlarging. It is starting to rise in the short term, the MACD indicator is sorting out on the upper side of the 0 axis, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 82.028 82.537
Support levels: 80.423 79.834
Trading strategy: Bullish above 81.065, target 82.028 82.537
Alternative strategy: bearish below 81.065, target 80.423 79.834
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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