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USOil: oscillating upward
2023-05-07
872
Fundamental analysis:
Crude oil remained volatile around 71.281. The market was worried about the weakening of the US economy and the spread of a new wave of banking turmoil. Oil prices are expected to fall for the third consecutive week, with a cumulative decline of nearly 9% this week. In addition, a significant slowdown in imports in the Asian region has also put pressure on the oil market.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and moves up, the market bullish sentiment emerges, and there is a trend of continuing to move upward in the short term, the MACD indicator is in the bearish area and is finishing up, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 72.327 73.332
Support levels: 69.737 68.641
Trading strategy: Bullish above 70.773, target 72.327 73.332
Alternative strategy: bearish below 70.773, target 69.737 68.641
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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