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USOil: sharp drop low
2023-05-03
858
Fundamental analysis:
Crude oil remained volatile around 71.526. The Fed's interest rate hike expectations and banking turmoil put pressure on the market, but China's May Day holiday consumption showed positive signs, and U.S. crude oil exports exceeded expectations, slowing down the downward pace of oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole continues to move downward, the MACD indicator is in the bearish zone and continues to move down, and the RSI indicator is in the bearish zone.
Resistance levels: 71.554 73.245
Support levels: 70.981 70.361
Trading strategy: bearish below 71.864, target 70.981 70.361
Alternative strategy: call above 71.864, target 71.554 73.245
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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