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USOil: Shock Retracement
2022-12-30
968
Fundamental analysis:
Crude oil remained volatile around 78.574. Russian President Vladimir Putin decided to ban the export of crude oil and petroleum products to countries that abide by Western price ceilings within five months from February 1, which brought some support to the market. But Germany said the ban was "moot" as it has been working since spring to replace Russian oil and ensure supply security.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high volatility retreated downward, and the short-term consolidation began, the downward momentum weakened, and the bullish momentum showed signs of waiting for an opportunity to enter the market. The MACD indicator hovered weakly near the 0 axis, and the RSI indicator was weakly organized near the 50 balance line;
Long-short turning point: 79.105
Suppression: 79.761, 80.461
Support: 78.052, 77.336
Trading strategy: bearish below 79.105, target 78.052, 77.336
Alternative strategy: call above 79.105, target 79.761, 80.461
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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