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USOil: pull low

Fundamental analysis:

Crude oil remained volatile around 76.510. Russia plans to cut oil exports from its western ports by up to 25% in March, exceeding its previously announced production cut of 500,000 barrels per day.

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

Brief technical analysis:

Looking at the 4-hour chart: the low-level bullish momentum is strongly pulled up, the market is bullish, and the short-term bullish momentum continues to move upwards. The MACD indicator is in the short-term area and continues to move up. The RSI indicator is hovering weakly above the 50 balance line;

Long-short turning point: 76.288

Suppression: 76.861, 77.202
Support: 75.923, 75.508

Trading strategy: Bullish above 76.288, target 76.861, 77.202
Alternative strategy: bearish below 76.288, target 75.923, 75.508

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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