USOil: Up from highs
Crude oil remained volatile around 85.908, and the market expected OPEC+ to extend production cuts until the end of the year. Saudi Arabia will extend its voluntary 1 million barrels per day (bpd) production cut deal until October, joining OPEC+ and its allies in cutting production.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising at a high level and continues to rise in the short term. The market bulls are constantly pulling up. The MACD indicator is in the bullish zone and continues to move upward. The RSI indicator is hovering above the 80 equilibrium line in the overbought zone;
Resistance levels: 86.365 86.807
Support levels: 85.119 84.585
Trading strategy: Bullish above 85.608, target 86.365 86.807
Alternative strategy: bearish below 85.608, target 85.119 84.585
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