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USOil: Low recovery
2023-04-23
939
Fundamental analysis:
Crude oil remained volatile around 77.842, with market sentiment remaining bearish after weak U.S. economic data and interest rate hike expectations sparked concerns that a recession could weaken oil demand.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum maintains a narrow range of upward fluctuations, short-term bullish sentiment emerges, the market bulls continue to pull up, the MACD indicator is in the short-selling area and the RSI indicator is in the short-selling area and remains hovering;
Resistance levels: 78.267 78.686
Support levels: 77.220 76.808
Trading strategy: Bullish above 77.635, target 78.267 78.686
Alternative strategy: bearish below 77.638, target 77.220 76.808
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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