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USOil: high level finishing

2023-09-08
584
Fundamental analysis:

Crude oil remained fluctuating around 86.735. The EIA crude oil inventory in the United States for the week to September 1 was -6.307 million barrels, which was expected to be -2.064 million barrels, and the previous value was -10.584 million barrels. EIA crude oil inventories in Cushing, Oklahoma -1.75 million barrels, compared with the previous value of -1.504 million barrels.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum maintains consolidation after fluctuating at high levels, the bullish sentiment in the market begins to weaken and slow down, short-term bearish momentum shows signs of waiting for opportunities to enter the market, the MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance: 88.078 87.521

Support levels: 86.127 85.439

Trading strategy: Bearish below 86.963, target 86.127 85.439
Alternative strategy: bullish above 86.963, target 88.078 87.521

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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