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USOil: bearish downside

Fundamental analysis:

Crude oil remained volatile around 76.496. The U.S. EIA crude oil inventory for the week to March 3 was -1.694 million barrels, expected to be 395,000 barrels, and the previous value was 1.166 million barrels. Crude oil inventories at Cushing, Oklahoma -890,000 barrels, from 307,000 barrels previously. The four-week average supply of crude oil products in the United States was 19.746 million barrels per day, a decrease of 8.44% compared with the same period last year.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the bearish area and slowly descending, and the RSI indicator is in a weak order below the 50 balance line;

Resistance: 77.057 77.414

Support levels: 76.087 75.729

Trading strategy: bearish below 76.661, target 76.087 75.729
Alternative strategy: call above 76.661, target 77.057 77.414

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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