CM Trade

Download APP to receive bonus

GET

USOil: Slump High

2023-01-30
824
Fundamental analysis:

Crude oil remained volatile around 79.422. It may be difficult for oil prices to make any substantial changes at the end of this week. Many traders in the market will wait and see two major events to be held next week: the OPEC+ meeting and the Federal Reserve resolution.

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



Brief technical analysis:

The 4-hour chart: the high-level short-term momentum has fallen sharply, the market is shrouded in bearish sentiment, the short-term decline has not stopped, the market's short-term sentiment is good, the short-term decline may continue, the MACD indicator is in a weak order near the 0 axis, and the RSI indicator is at 0. The shock near the 50 balance line moves down slowly;

Long-short turning point: 79.611

Suppression: 80.075, 80.540
Support: 78.900, 78.378

Trading strategy: bearish below 79.611, target 78.900, 78.378
Alternative strategy: call above 79.611, target 80.075, 80.540

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More