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USOil: Bears down
2023-03-14
729
Fundamental analysis:
Crude oil remained volatile around 74.652, supported by a recovery in Chinese demand and a weaker dollar, but the resumption of diplomatic relations between Iran and Saudi Arabia may gain more support for the restart of the nuclear agreement and pave the way for Iran to resume normal oil exports.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and fall, and the short-term decline has not stopped. The market fluctuates after a rapid decline at low levels. The MACD index is hovering below the 0 axis, and the RSI index is below the 50 balance line.
Resistance: 75.448 76.035
Support levels: 74.119 73.625
Trading strategy: bearish below 74.907, target 74.119 73.625
Alternative strategy: call above 74.907, target 75.448 76.035
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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