Crude oil remained volatile around 80.010. The economic data of Germany, Europe's largest economy, was weak, but crude oil prices still rose. The U.S. dollar rose to its highest level in 11 weeks after Federal Reserve Chairman Jerome Powell said further rate hikes may be needed to fight inflation.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level long-term dynamic shocks move upward, the short-term bullish sentiment continues, the market bulls continue to pull up, the MACD indicator is in the short-selling area and moves up to the lower side of the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Resistance levels: 80.428 80.869
Support: 79.403 79.027
Trading strategy: Bullish above 79.792, target 80.428 80.869
Alternative strategy: bearish below 79.792, target 79.403 79.027