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USOil: low down

2023-05-04
915
Fundamental analysis:

Crude oil remained volatile around 68.096. The U.S. EIA crude oil inventory for the week to April 28 was -1.28 million barrels, expected to be -1.1 million barrels, and the previous value was -5.054 million barrels. In the United States, the EIA crude oil inventory in Cushing, Oklahoma, in the week to April 28 was 541,000 barrels, compared with the previous value of 319,000 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 there is a trend of continuing to move downward in the short term, and the decline has not yet shown signs of stopping. The MACD indicator is in the bearish zone and continues to decline, and the RSI indicator is in the bearish zone. Low and weak;

Resistance: 69.473 70.262

Support levels: 67.252 66.550

Trading strategy: bearish below 68.658, target 67.252 66.550
Alternative strategy: call above 68.658, target 69.473 70.262

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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