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USOil: high position down
2023-05-21
878
Fundamental analysis:
Crude oil remained volatile around 71.848. Oil prices turned from gains to losses on Friday as Republicans in the U.S. House of Representatives and President Joe Biden's administration suspended talks on raising the debt ceiling, raising the risk of a default that could cut energy demand.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has moved down in the short term, and the market’s short-term sentiment has emerged. The short-term decline may continue. The MACD indicator is hovering weakly on the upper side of the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Resistance levels: 72.985 73.821
Support levels: 71.095 70.392
Trading strategy: bearish below 72.149, target 71.095 70.392
Alternative strategy: call above 72.149, target 72.985 73.821
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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