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USOil: Slump High

2023-01-19
539
Fundamental analysis:

Crude oil remained volatile around 79.513. OPEC's monthly report showed that despite the OPEC+ alliance's commitment to cut production, OPEC's production in December increased by 91,000 barrels per day to 28.97 million barrels per day, mainly due to the rebound in Nigeria's output, which is not subject to voluntary production cuts .

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, and the short-term decline may continue. The market as a whole is at a high level and falls rapidly.

Long-short turning point: 79.802

Suppression: 80.372, 81.011
Support: 78.938, 78.299

Trading strategy: bearish below 79.802, target 78.938, 78.299
Alternative strategy: call above 79.802, target 80.372, 81.011

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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