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USOil: oscillating upward

2023-05-09
856
Fundamental analysis:

Crude oil remained volatile around 77.757, and the market's worries about the US economic recession began to fade. Elsewhere, India's imports from OPEC fell to an all-time low of 46%, with energy traders awaiting U.S. inflation data and signals from OPEC+ on possible further production cuts.

Crude oil USOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the short-term bullish sentiment continues, the market bullish situation is good, the MACD indicator continues to fluctuate and moves up to the upper side of the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;

Resistance levels: 73.496 74.319

Support levels: 71.299 70.256

Trading strategy: Bullish above 72.288, target 73.496 74.319
Alternative strategy: bearish below 72.288, target 71.299 70.256

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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