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USOil: low down

Fundamental analysis:

Crude oil remained volatile around 71.461. OPEC Monthly Report: Keep the global economic growth forecast at 2.6% in 2023, and the growth rate of global oil demand in 2023 is expected to be 2.32 million barrels per day. The U.S. oil production forecast for 2023 was slightly lowered, with production expected to grow by 12.6 million barrels per day.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and fall, the low-level short-term sentiment is shrouded, and it continues to move downward in the short term. The MACD indicator is in the short-term area and continues to move down, and the RSI indicator is in the short-term area.

Resistance levels: 71.748 72.821

Support levels: 70.947 70.510

Trading strategy: bearish below 71.461, target 70.947 70.510
Alternative strategy: call above 71.461, target 71.748 72.821

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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