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USOil: Oscillation moved down

Fundamental analysis:

Crude oil remained volatile around 70.036, as concerns grew that the United States, the world's largest oil consumer, would fall into recession, negotiations on the debt ceiling were postponed, and worries about another crisis-affected regional bank intensified.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum maintains shocks and moves downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is below the 0 axis and slowly descending, and the RSI indicator is in the short-term area.

Resistance levels: 71.283 72.091

Support levels: 69.236 68.402

Trading strategy: bearish below 70.474, target 69.236 68.402
Alternative strategy: call above 70.474, target 71.283 72.091

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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