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USOil: low down
2023-05-31
784
Fundamental analysis:
Crude oil remained volatile around 69.503. Russian Deputy Prime Minister and OPEC+ main negotiator Alexander Novak recently assured that he does not want OPEC+ to make any new decisions at the next meeting scheduled for June 4, but this does not reassure anyone .
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term consolidation after the short-term momentum moves down rapidly, the overall market sentiment is shrouded in bearishness, and there is a trend of continued downward movement in the short term, the MACD indicator is in the short-selling area and continues to move down, and the RSI indicator is in the short-selling area for low-level consolidation;
Resistance levels: 70.115 70.451
Support levels: 69.176 68.860
Trading strategy: bearish below 69.748, target 69.176 68.860
Alternative strategy: call above 69.748, target 70.115 70.451
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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