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USOil: low shock

2023-01-06
555
Fundamental analysis:
Crude oil remained volatile around 73.905. The U.S. Strategic Petroleum Reserve (SPR) inventory decreased by 2.748 million barrels to 372.4 million barrels in the week of December 30, a decrease of 0.73%. The U.S. EIA Strategic Petroleum Reserve inventory in the week to December 30 was the lowest since the week of December 2, 1983.

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



Brief technical analysis:
The 4-hour chart: After the short-term momentum fell sharply, the low level was supported and fluctuated in the short term. The bullish momentum showed signs of waiting for an opportunity to enter the market, but it was still in a low level of shock. sign;
Long-short turning point: 73.661
Suppression: 74.406, 74.892
Support: 73.137, 72.531
Trading strategy: Bullish above 73.661, target 74.406, 74.892
Alternative strategy: bearish below 73.661, target 73.137, 72.531

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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