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USOil: Shock up

Fundamental analysis:

Crude oil remained volatile around 76.632. Crude oil prices have declined in recent weeks and months due to market concerns that interest rate hikes may reduce demand.

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

Brief technical analysis:

Looking at the 4-hour chart: The momentum of low-level bulls continues to fluctuate and rise, the market’s bullish potential explodes, low-level buying emerges, the MACD indicator is in the short-term area and moves upward, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 77.220 77.803

Support levels: 75.815 75.259

Trading strategy: Bullish above 76.346, target 77.220 77.803
Alternative strategy: bearish below 76.346, target 75.815 75.259

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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