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USOil: Shock Retracement
2023-02-17
863
Fundamental analysis:
Crude oil remained oscillating around 78.102, and oil prices are expected to fluctuate within a narrow range, sandwiched between divergent supply and demand momentum. While steadily rising U.S. production, ballooning inventories and a broad-based recovery in the U.S. dollar have been bearish for oil prices, talk of a strong recovery in Chinese demand and the prospect of Russia-related production cuts are still lifting prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term short-term momentum maintains shocks and retreats, the market's short-term sentiment slowly emerges, and the short-term decline may continue. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 78.316
Suppression: 78.795, 79.304
Support: 77.523, 76.984
Trading strategy: bearish below 78.316, target 77.523, 76.984
Alternative strategy: call above 78.316, target 78.795, 79.304
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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