Ultima MarketsMarket analysis: Oil prices are in place, and the rebound will continue

todayUltimaMarkets Bringing you 2023 year 12month 20dayIn depth analysis.

Fundamental points

•        Saudi Arabia extends production reductionIn order to ensure that oil prices remain at a profitable level, Saudi Arabia will10010000 barrels/Japan's unilateral oil production reduction plan will continue into the new year.
•        Saudi Arabia is not the only supplierBoth the shale oil in the United States and the surge in Iranian oil production have led toOPECReducing production appears to double the pressure.
  

technical analysis

Daily chart analysis

（crude oilDaily chart, sourceUltima Markets MT4）

•        Random oscillation indexAfter the indicator sends a bullish signal in the oversold area, a smooth upward trend suggests that the current oil price is in a bullish trend.
•        33Daily moving averageThe recent rise in oil prices is approaching33Daily moving average, which is within the range of11month30The Japanese suppressed the market and further rebounded. Pay attention to whether today's oil prices can effectively break through, and then look for opportunities to go long.
  

1Hour chart analysis

(Crude oil)1Hour chart, sourceUltima Markets MT4）

•        Random oscillation indexThe indicator is currently entangled in the overbought area, indicating a certain probability of a pullback in oil prices, waiting for the indicator to send another bullish signal.
•        Resistance suppression intervalAt present, oil prices are hindered by the previous high range, and once oil prices completely reach the previous high, attention can be paid to buying opportunities.
•        ATRCombination indicators：12month18The daily oil price has broken through the volatile range,ATRThe combination indicator sends a signal indicating that the breakthrough is effective. The market completed a retracement structure yesterday, and there is a high probability of further upward movement in oil prices.
  

Hub Line Indicators

(Crude oil)1Hour chart, sourceUltima Markets MT4）

•        according toUltima Markets MT4InpivotIndicator, daily central price level78.819，
•        78.819Upward bullish, first goal80.185Second objective81.023
•        78.819Under bearish, first target78.000Second objective76.634
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.