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USOil: within a narrow range
2022-12-21
914
Fundamental analysis:
Crude oil remained volatile around 75.982, with more fuel oil supplies expected in Asia in 2023 as the new Al-Zour refinery in Kuwait started production and Russia shifted record output from Europe to the East due to sanctions.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term shocks of the bulls’ momentum slowly moved up, and they began to encounter resistance and shocks on the way up. The bulls in the market may continue to pull up, but the upper suppression remains. The MACD indicator is hovering around the 0 axis, and the RSI indicator is hovering around the 50 balance line. ;
Long-short turning point: 76.438
Suppression: 77.318, 78.136
Support: 74.967, 74.265
Trading strategy: bearish below 76.438, target 74.967, 74.265
Alternative strategy: call above 76.438, target 77.318, 78.136
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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