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USOil: Slump High
2023-03-08
777
Fundamental analysis:
Crude oil remains volatile around 77.340, with the oil market getting closer to the bottom of its recent trading range, it seems too much upside risk should help prices stay above $80 for the time being.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole is in a downward trend and continues to decline, the MACD indicator is in the bullish area and continues to move downward, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance: 78.027 78.410
Support levels: 76.942 76.546
Trading strategy: bearish below 77.580, target 76.942 76.546
Alternative strategy: call above 77.580, target 78.027 78.410
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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