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USOil: Bulls up
2023-05-28
806
Fundamental analysis:
Crude oil remained volatile around 72.770, with conflicting messages from Russia and Saudi Arabia on the supply outlook ahead of the next OPEC+ policy meeting and weaker-than-expected demand growth also affecting market sentiment. Although on the positive side, the scale of OPEC+ supply decline in May is basically in line with the earlier agreement to further reduce production.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls keeps oscillating and moving upwards, the short-term bullish sentiment continues, the bulls in the market are constantly pulling up, the MACD indicator remains hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance: 73.123 73.447
Support levels: 72.286 71.953
Trading strategy: Bullish above 72.600, target 73.123 73.447
Alternative strategy: bearish below 72.600, target 72.286 71.953
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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