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USOil: move down low

2023-01-05
626
Fundamental analysis:
Crude oil remained volatile around 73.130. After the European Union banned the import of Russian crude oil by sea from December 5, Russia shifted its oil exports from Europe to Asia. Meanwhile, the Group of Seven (G7) countries have introduced price caps that limit Russia's use of Western finance for oil trade, shipping and insurance services.

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



Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is moving down at a low level, and the short-term decline may continue. The market as a whole is in a short-term weak position and will continue to move downward.
Long-short turning point: 73.411
Suppression: 73.992, 74.558
Support: 72.531, 71.980
Trading strategy: bearish below 73.411, target 72.531, 71.980
Alternative strategy: Bullish above 73.411, target 73.992, 74.558

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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