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USOil: low down
2023-03-16
801
Fundamental analysis:
Crude oil remained volatile around 68.208. The U.S. EIA crude oil inventory for the week to March 10 was 1.55 million barrels, expected to be 1.188 million barrels, and the previous value was -1.694 million barrels. EIA crude oil inventories in Cushing, Oklahoma -1.916 million barrels, the previous value -890,000 barrels.
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 short-term decline has not stopped, the market bearish sentiment emerges, the MACD indicator is in the bearish area and continues to move down, and the RSI indicator is at a low level and weak;
Resistance: 69.641 70.487
Support levels: 67.320 66.501
Trading strategy: bearish below 68.685, target 67.320 66.501
Alternative strategy: call above 68.685, target 69.641 70.487
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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