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USOil: hovering low
2023-04-28
861
Fundamental analysis:
Crude oil remained volatile around 74.804, and the market was still worried that the U.S. economic recession and the increase in Russian oil exports had weakened the production cut effect of the Organization of the Petroleum Exporting Countries and its partners (OPEC+).
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low position remains weak, the overall market decline has weakened, and the bulls have signs of waiting for an opportunity to enter the market. The MACD indicator is in the short zone and the RSI indicator is in the short zone and slowly rising;
Resistance: 75.314 75.872
Support levels: 74.124 73.644
Trading strategy: Bullish above 74.638, target 75.314 75.872
Alternative strategy: bearish below 74.638, target 74.124 73.644
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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