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USOil: Narrow finishing
2023-08-29
791
Fundamental analysis:
Crude oil remained volatile around 79.958, and the recent rebound in the WTI crude oil market may exceed the Jerome Powell effect. The Saudi Arabian government's decision to cut production and supply uncertainty shaped the situation.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The momentum of the low-level bulls maintains a shock and moves up and then sorts out in a narrow range. The momentum of the bulls in the market weakens, and the shorts wait for an opportunity to enter the market. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 80.571 80.973
Support levels: 79.533 79.183
Trading strategy: bearish below 80.130, target 79.533 79.183
Alternative strategy: call above 80.130, target 80.571 80.973
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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