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USOil: Bulls up
2023-01-12
959
Fundamental analysis:
Crude oil remained volatile around 77.593. The U.S. EIA crude oil inventory for the week to January 6 was 18.961 million barrels, expected to be -2.243 million barrels, and the previous value was 1.694 million barrels. It is the largest since the week of February 6, 2021. The U.S. EIA Strategic Petroleum Reserve inventory in the week to January 6 was the lowest since the week of December 2, 1983.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains shocks and rises, short-term bullish sentiment emerges, the bulls in the market continue to climb, the MACD indicator is in the bullish zone and moves upward, and the RSI indicator is in the bullish zone and fluctuates within a narrow range;
Long-short turning point: 77.256
Suppression: 78.228, 78.827
Support: 76.722, 76.171
Trading strategy: Bullish above 77.256, target 78.228, 78.827
Alternative strategy: bearish below 77.256, target 76.722, 76.171
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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