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USOil: Shock up
2023-03-02
836
Fundamental analysis:
Crude oil remained volatile around 77.671. The U.S. EIA crude oil inventory for the week to February 24 was 1.166 million barrels, expected to be 457,000 barrels, and the previous value was 7.647 million barrels. Crude inventories at Cushing, Oklahoma, rose to 307,000 barrels from 700,000 barrels previously.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continues to fluctuate upwards in a wide range, the short-term bullish sentiment remains, the market as a whole is in a bullish direction, the MACD indicator is hovering above the 0 axis, and the RSI indicator is finishing above the 50 balance line;
Long-short turning point: 77.458
Suppression: 78.103, 78.518
Support: 77.056, 76.702
Trading strategy: Bullish above 77.458, target 78.103, 78.518
Alternative strategy: bearish below 77.458, target 77.056, 76.702
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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