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USOil: low down

2023-04-27
894
Fundamental analysis:

Crude oil remained volatile around 74.351. The U.S. EIA crude oil inventory for the week to April 21 was -5.054 million barrels, expected to be -1.486 million barrels, and the previous value was -4.581 million barrels. In the United States until April 21, the EIA crude oil inventory in Cushing, Oklahoma, was 319,000 barrels, the previous value was -1.088 million barrels.

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



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and the short-term decline may continue. The market as a whole is in a bearish downward trend, and there is no sign of a final stop. The MACD indicator is slowly descending below the 0 axis, and the RSI indicator is in the bearish area to maintain shocks Downlink;

Resistance: 75.163 75.689

Support levels: 73.810 73.368

Trading strategy: bearish below 74.638, target 73.810 73.368
Alternative strategy: call above 74.638, target 75.163 75.689

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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