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USOil: rapid pull up

2023-01-03
578
Fundamental analysis:
Crude oil remained volatile around 80.283. The situation in Ukraine led to tight supply, but a stronger dollar and weak demand limited the rise in oil prices. 2023 will be another year full of uncertainties, with great fluctuations.

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


Brief technical analysis:
4-hour chart: bullish sentiment emerges in the market, the bullish momentum is strong and rising, there is a further upward trend in the short term, the previous high is close at hand, and the break is imminent, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weak above the 50 balance line tidy;
Long-short turning point: 79.964
Suppression: 80.764, 81.264
Support: 79.435, 78.906
Trading strategy: Bullish above 79.964, target 80.764, 81.264
Alternative strategy: bearish below 79.964, target 79.435, 78.906

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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