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USOil: Tidy Up Move

2023-02-21
839
Fundamental analysis:

Crude oil remained volatile around 77.343, and China's crude oil imports will hit a record high in 2023. Future oil supply shortages could push oil prices to $100 a barrel by the end of the year, Goldman Sachs said in a report.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls continues to fluctuate upwards, short-term bullish sentiment emerges, the bulls in the market continue to pull up, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is in the weak consolidation below the 50 balance line;

Long-short turning point: 77.044

Suppression: 77.657, 78.092
Support: 76.565, 76.056

Trading strategy: Bullish above 77.044, target 77.657, 78.092
Alternative strategy: bearish below 77.044, target 76.565, 76.056

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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