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USOil: Rapid climb
2023-02-01
914
Fundamental analysis:
Crude oil remained volatile around 79.070, and global central banks threatened to raise interest rates further. OPEC+ is expected to maintain the current production policy unchanged this week. Investors will have to further judge the outlook for supplies from Russia, which will ban oil exports to countries following price caps for five months from Feb. 1.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum has risen strongly, short-term bullish sentiment has emerged rapidly, the market bullish momentum has risen strongly, the MACD indicator is in the short-selling area and moves up, and the RSI indicator is in the short-selling area and moves up to the 50 balance line.
Long-short turning point: 78.904
Suppression: 79.775, 79.775
Support: 78.567, 78.230
Trading strategy: Bullish above 78.904, target 79.775, 79.775
Alternative strategy: bearish below 78.904, target 78.567, 78.230
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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