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USOil: Up from highs

2023-09-03
675
Fundamental analysis:

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

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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