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USOil: Shock Retracement
2023-03-30
921
Fundamental analysis:
Crude oil remained volatile around 72.760. The EIA crude oil inventory in the United States for the week to March 24 was -7.489 million barrels, expected to be 92,000 barrels, and the previous value was 1.117 million barrels. EIA crude oil inventories in Cushing, Oklahoma -1.632 million barrels, the previous value -1.063 million barrels.
Crude oil USOil - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high volatility will retreat, and the market's bearish sentiment will gradually emerge. In the short term, there will be signs of continuing to consolidate and move downward.
Resistance: 73.988 74.680
Support levels: 72.053 71.292
Trading strategy: bearish below 73.274, target 72.053 71.292
Alternative strategy: call above 73.274, target 73.988 74.680
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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