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USOil: move down slowly
2023-05-17
828
Fundamental analysis:
Crude oil remained volatile around 70.547. IEA Monthly Report: Affected by China's economic rebound, oil demand growth will exceed expectations. Chinese demand has recovered more than expected, hitting an all-time high of 16 million barrels per day in March. Global demand is expected to exceed supply by nearly 2 million bpd in the second half of this year.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is slowly moving down, short-term short-term sentiment emerges, the market as a whole is in a bearish trend, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 71.652 72.426
Support levels: 69.753 68.979
Trading strategy: bearish below 70.844, target 69.753 68.979
Alternative strategy: call above 70.844, target 71.652 72.426
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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