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USOil: continuous down
2023-02-23
814
Fundamental analysis:
Crude oil remained volatile around 73.884, as expectations of tighter global supply and growing demand in China slowed down the price decline. China's oil imports are set to hit record levels in 2023 to meet rising demand for transport fuel, and the country's tourism market is set to boom in the summer.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market’s short-term sentiment continues to decline, the short-term decline has not stopped, the market’s short-term sentiment is shrouded, the MACD indicator is in the short-term area and continues to move down, and the RSI indicator is in the short-term area and continues to move downward;
Long-short turning point: 74.050
Suppression: 74.485, 74.919
Support: 73.437, 73.018
Trading strategy: bearish below 74.050, target 73.437, 73.018
Alternative strategy: call above 74.050, target 74.485, 74.919
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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