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USOil: low shock
2023-05-05
975
Fundamental analysis:
Crude oil remained volatile around 68.587. The front-month futures price of U.S. crude oil was well above $100 a barrel for most of the second quarter of 2022, above the 80th percentile of all trading days since 1990. In the first quarter of 2023, the effects of the period of high oil prices are still boosting production as earlier wells come online.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum continues to fluctuate downwards and then quickly reverses and moves up to maintain consolidation. The market’s short-term sentiment still exists, and the short-term or entangled low-level shock trend, the MACD indicator is in the short-term area for low-level consolidation, and the RSI indicator is weak in the short-term area.
Resistance: 69.834 70.750
Support levels: 67.560 66.550
Trading strategy: bearish below 68.918, target 67.560 66.550
Alternative strategy: call above 68.918, target 69.834 70.750
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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