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USOil: move down slowly
2023-02-15
863
Fundamental analysis:
Crude oil remained volatile around 79.096. OPEC Monthly Report: Russia's 2023 oil production forecast was lowered from 10.18 million barrels per day to 10.13 million barrels per day. The growth rate of global crude oil demand in 2023 is forecast to be 2.3 million barrels per day (previously expected to be 2.22 million barrels per day). The global economic growth forecast for 2023 is 2.6% (previously 2.5%).
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum maintains a narrow range of shocks downward, the market is shrouded in short-term sentiment, and there are signs of continued downward movement in the short term. The MACD indicator is in the long-term area and the RSI indicator is hovering around the 50 balance line;
Long-short turning point: 79.417
Suppression: 80.168, 80.809
Support: 78.464, 77.805
Trading strategy: bearish below 79.417, target 78.464, 77.805
Alternative strategy: call above 79.417, target 80.168, 80.809
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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