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USOil: move down low

2023-08-24
686
Fundamental analysis:

Crude oil remained volatile around 78.529, and Cushing crude oil inventories fell sharply by 3.1 million barrels, as oil was shipped to the U.S. Gulf Coast to meet summer refining peak demand and export demand amid OPEC+ production cuts.

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



Brief technical analysis:

Looking at the 4-hour chart: The low-level short-term momentum maintains shocks and moves downward, and the short-term decline may continue. The overall short-term sentiment in the market is shrouded, the MACD indicator is in the short-selling area, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 79.240 79.652

Support levels: 78.091 77.717

Trading strategy: bearish below 78.814, target 78.091 77.717
Alternative strategy: call above 78.814, target 79.240 79.652

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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