Technical Analysis: USOIL

USOIL rose to a one-week high

On Tuesday, USOIL climbed for the third straight trading day to the highest level since 3^rd November.

Five major refineries in India suspended ordering Russian oil

India has cut the purchase volume of Russian crude oil arriving at the port in December, demonstrating that western sanctions and the trade negotiation between the US and India are exerting significant influence on the purchase volume.

Five major refineries in India have not ordered Russian crude oil for December, according to the source.

The US government shutdown will end

On Monday, local time, the Senate approved funding package,which will end a 41-day government shutdown.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USOIL increased steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that USOIL will rise further. Investors should focus on whether USOIL will break through the resistance at 61.7. It will jump with potential resistance at 62.9 if it breaks above 61.7.

4-hour chart

On the 4-hour chart, USOIL was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USOIL will break through the support at 60.6. It will rise further if it retreats but is stable above 60.6.

Key resistance: 61.7,62.9

Key support: 60.6,59.5

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on monthly reports released by OPEC and EIA during the day.