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USOil: Bulls up

Fundamental analysis:

Crude oil remained volatile around 74.181. The U.S. EIA crude oil inventory in Cushing, Oklahoma, in the week to May 19 was 1.762 million barrels, compared with the previous value of 1.461 million barrels. The EIA crude oil inventory in the United States for the week to May 19 was -12.456 million barrels, expected to be 775,000 barrels, and the previous value was 5.04 million barrels.

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 bullish momentum in the market is constantly moving upwards, the MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone and it is hovering;

Resistance levels: 74.791 75.318

Support levels: 73.264 72.719

Trading strategy: Bullish above 73.829, target 74.791 75.318
Alternative strategy: bearish below 73.829, target 73.264 72.719

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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