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