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USOil: pull low
2023-03-12
765
Fundamental analysis:
Crude oil remained volatile around 76.486, with the U.S. privately urging some commodity traders to dispel concerns about shipping price-restricted Russian oil to boost supply, suggesting more Russian oil could flow into the market.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bulls have a strong reversal and pull up, short-term bullish sentiment emerges, the market bulls continue to move upwards, the MACD indicator is in the bearish area and maintains consolidation, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 76.878 77.236
Support levels: 75.908 75.525
Trading strategy: Bullish above 76.278, target 76.878 77.236
Alternative strategy: bearish below 76.278, target 75.908 75.525
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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