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USOil: up high

2023-09-06
677
Fundamental analysis:

Crude oil remained volatile around 86.660. Saudi Arabia took the lead in efforts to support oil prices. According to a partial production agreement reached by the OPEC+ oil-producing country group composed of OPEC and allies including Russia, Saudi Arabia voluntarily reduced production significantly.

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



Brief technical analysis:

4-hour chart: The bullish momentum is rising strongly, the market is bullish, and the short-term trend continues to move upward. The MACD indicator is at a high level in the bullish zone, and the RSI indicator is in the bullish zone and remains volatile;

Resistance level: 87.216 87.790

Support levels: 85.699 85.119

Trading strategy: Bullish above 86.310, target 87.216 87.790
Alternative strategy: bearish below 86.310, target 85.699 85.119

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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