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USOil: pull low

Fundamental analysis:

Crude oil remained volatile around 75.552. The U.S. EIA crude oil inventory in Cushing, Oklahoma, in the week to February 17 was 700,000 barrels, compared with the previous value of 659,000 barrels. U.S. commercial crude oil inventories excluding strategic reserves in the week ending February 17 were the highest since the week ending May 28, 2021.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of low-level bulls reversed and oscillated, and short-term bullish sentiment began to emerge. The bulls in the market continued to move upwards. The MACD indicator was in the bearish area and rose slowly, and the RSI indicator was hovering weakly below the 50 balance line;

Long-short turning point: 75.313

Suppression: 75.910, 76.276
Support: 74.860, 74.452

Trading strategy: Bullish above 75.313, target 75.910, 76.276
Alternative strategy: bearish below 75.313, target 74.860, 74.452

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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