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USOil: Strong climb

2023-03-06
807
Fundamental analysis:

Crude oil remained oscillating around 79.821, and the differences between the UAE and Saudi Arabia continued to widen, and said that the UAE was discussing the issue of withdrawing from OPEC internally, which would allow the UAE to increase production freely in the future.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls is rising strongly, the short-term bulls are constantly moving upwards, the market’s bullish sentiment is emerging, the MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone and continues to move upward;

Resistance levels: 80.107 80.426

Support: 79.324 19.020

Trading strategy: Bullish above 79.650, target 80.107 80.426
Alternative strategy: bearish below 79.650, target 79.324 19.020

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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