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USOil: bulls move up
2023-05-18
879
Fundamental analysis:
Crude oil remained volatile around 72.606. The U.S. EIA crude oil inventory for the week to May 12 was 5.04 million barrels, expected to be -920,000 barrels, and the previous value was 2.951 million barrels. EIA crude oil inventories at Cushing, Oklahoma, were 1.461 million barrels, compared with 397,000 barrels previously.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the market’s bullish sentiment continues, and there are signs of continued volatile upward movement in the short term, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Resistance levels: 73.301 74.032
Support levels: 71.396 70.643
Trading strategy: Bullish above 72.149, target 73.301 74.032
Alternative strategy: bearish below 72.149, target 71.396 70.643
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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