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USOil: oscillating upward

2023-01-27
831
Fundamental analysis:

Crude oil remained volatile around 81.093. The market expects that the global economic growth this year will barely exceed 2%, and the greater risk is that it may be further lowered. This is at odds with the general optimism in the market since the beginning of the year.

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



Brief technical analysis:

Looking at the 4-hour chart: the high level fluctuates slowly upwards, the bullish sentiment in the market emerges again, and the short-term bullish momentum continues to move upwards. The MACD indicator is weakly finishing near the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;

Long-short turning point: 80.867

Suppression: 81.562, 81.984
Support: 80.424, 79.938

Trading strategy: Bullish above 80.867, target 81.562, 81.984
Alternative strategy: bearish below 80.867, target 80.424, 79.938

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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