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USOil: Bears down

2023-01-04
608
Fundamental analysis:
Crude oil remained volatile around 77.129, and Russian crude oil exports have shifted from Europe to Asia. Moscow planned to increase diesel exports from the Baltic port of Primorsk to 1.81 million tonnes in January, but actual exports were expected to fall to 1.333 million tonnes, traders said.

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



Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen rapidly, and the short-term decline may continue. The market’s short-term sentiment is good, and it will continue to move downward in the short term. The MACD index maintains shocks and moves down to the 0 axis. Weak finishing on the lower side;
Long-short turning point: 77.409
Suppression: 77.908, 78.391
Support: 76.647, 76.090
Trading strategy: bearish below 77.409, target 76.647, 76.090
Alternative strategy: call above 77.409, target 77.908, 78.391

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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