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USOil: within a narrow range

2023-01-11
574
Fundamental analysis:
Crude oil remained volatile around 74.411. Although China eased the epidemic prevention policy and once raised crude oil demand expectations, the weakening of the dollar also provided support for oil prices. However, the hawkish speeches of Fed officials made the market worry that the United States, the world's largest oil consumer, will further raise interest rates by 7 It will slow down economic growth and limit fuel demand. Global stock markets are generally suppressed, and oil prices face certain downside risks in the short term.

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



Brief technical analysis:
Looking at the 4-hour chart: short-term entanglements with low and narrow range fluctuations, the overall bearish sentiment in the market remains, short-term or narrow-range consolidation, MACD index is weakly hovering below the 0 axis, RSI index is weakly consolidated near the 50 balance line;
Long-short turning point: 74.617
Suppression: 75.232, 75.734
Support: 73.758, 73.137
Trading strategy: bearish below 74.617, target 73.758, 73.137
Alternative strategy: call above 74.617, target 75.232, 75.734

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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