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USOil: Shock Retracement

2023-01-26
888
Fundamental analysis:

Crude oil remained volatile around 80.438. EIA reported that the four-week average supply of crude oil products in the United States was 18.895 million barrels per day, a decrease of 10.9% compared with the same period last year. In the week of January 20, U.S. crude oil exports increased by 835,000 barrels per day to 4.707 million barrels per day. In the week of January 20, domestic crude oil production in the United States remained unchanged at 12.20 million barrels per day. U.S. Strategic Petroleum Reserve (SPR) inventories remained unchanged at 371.6 million barrels for the week ended January 20.

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, and the short-term decline may continue, maintaining a narrow range, the MACD indicator is entangled and hovering around the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;

Long and short turning point: 80.568

Suppression: 81.105, 81.562
Support: 79.938, 79.370

Trading strategy: bearish below 80.568, target 79.938, 79.370
Alternative strategy: call above 80.568, target 81.105, 81.562

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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