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USOil: Bulls up

Fundamental analysis:

Crude oil remained volatile at 73.737, and the United States is about to usher in the Memorial Day holiday on May 29, which traditionally marks the beginning of the peak summer fuel demand season. The U.S. Department of Energy said last week that it would buy 3 million barrels of crude oil for August delivery to replenish the strategic reserve (SPR) inventory.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the short-term bullish sentiment is shrouded, the market bullish momentum maintains shocks and is moving upward, the MACD index is hovering weakly above the 0 axis, and the RSI index is weakly finishing above the 50 balance line;

Resistance: 74.280 74.899

Support levels: 72.933 72.383

Trading strategy: Bullish above 73.435, target 74.280 74.899
Alternative strategy: bearish below 73.435, target 72.933 72.383

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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