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USOil: move down slowly
2023-02-16
859
Fundamental analysis:
Crude oil remained volatile around 78.468. The U.S. EIA crude oil inventory for the week to February 10 was 16.283 million barrels, expected to be 1.166 million barrels, and the previous value was 2.423 million barrels. EIA crude oil inventories at Cushing, Oklahoma, were 659,000 barrels, compared with 1.043 million barrels previously.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum remains volatile and downward, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is hovering weakly near the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 78.720
Suppression: 79.304, 79.768
Support: 77.987, 77.523
Trading strategy: bearish below 78.720, target 77.987, 77.523
Alternative strategy: Bullish above 78.720, target 79.304, 79.768
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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