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USOil: Bears down

Fundamental analysis:

Crude oil remained volatile around 75.760. There is currently a surplus of about 800,000 barrels per day in the oil market, and it is expected that the surplus will turn into a shortage of 500,000 barrels per day by the second half of 2023 due to demand recovery due to the reopening of China.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen rapidly, the short-term decline continues to fall, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area and moves down weakly, and the RSI indicator is weakly finishing below the 50 balance line;

Resistance levels: 76.240 76.661

Support levels: 75.129 74.733

Trading strategy: bearish below 75.806, target 75.129 74.733
Alternative strategies: call above 75.806, target 76.240 76.661

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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