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USOil: low down

2023-02-02
902
Fundamental analysis:

Crude oil remained volatile around 76.748. The U.S. EIA crude oil inventory in the week to January 27 was 4.14 million barrels, expected to be 376,000 barrels, and the previous value was 533,000 barrels. Crude oil inventories at Cushing, Oklahoma, were 2.315 million barrels, compared with 4.267 million barrels previously. The strategic petroleum reserve inventory was 0 million barrels, and the previous value was 0 million barrels.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen rapidly, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuing to move downward in the short term.

Long-short turning point: 76.931

Suppression: 77.332, 77.709
Support: 76.330, 75.953

Trading strategy: bearish below 76.931, target 76.330, 75.953
Alternative strategy: Bullish above 76.931, target 77.332, 77.709

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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