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USOil: Shock Retracement
2022-12-05
1057
Fundamental analysis:
Crude oil remained volatile around 80.194, and demand changes in Asian countries are the main driving factors for international oil prices. On Wednesday, arrows were fired, and oil prices resumed their upward trend. As long as the epidemic situation in Asian countries is no longer stable, the trend of oil prices will not change.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics fluctuate and retreat, and the short-term downward trend may continue. The market’s short-term sentiment has signs of waiting for an opportunity to enter the market. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering weakly near the 50 balance line;
Long and short turning point: 80.668
Suppression: 81.591, 82.465
Support: 79.107, 78.272
Trading strategy: bearish below 80.668, target 79.107, 78.272
Alternative strategy: call above 80.668, target 81.591, 82.465
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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