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USOil: move high
2023-03-31
975
Fundamental analysis:
Crude oil remained volatile around 74.317, as an unexpected drop in U.S. crude oil inventories offset a smaller-than-expected reduction in Russian supply. Investors are keeping a close eye on developments in Iraqi Kurdistan's oil exports.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows that the momentum of the high-level bulls maintains a narrow range and moves up, the market is still bullish, and the bulls show signs of continuing to pull up. The MACD indicator is in the bullish zone and maintains a flat shift, and the RSI indicator is in the bullish zone and remains weak;
Resistance levels: 74.872 75.362
Support levels: 73.439 72.817
Trading strategy: Bullish above 74.317, target 74.872 75.362
Alternative strategy: bearish below 74.317, target 73.439 72.817
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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