USOil: short-term down move

Crude oil remained volatile around 71.814. The International Energy Forum (IEF) quoted data from the Joint Oil Database JODI as showing that Saudi Arabia’s crude oil exports in March increased by 68,000 barrels per day to 7.52 million barrels per day, and Saudi Arabia’s crude oil production increased by 14,000 barrels in March barrels per day, reaching 1046 million barrels per day, crude oil inventories in Saudi Arabia decreased by 4.5 million in March, and product inventories increased by 4.7 million.

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

Looking at the 4-hour chart: the short-term momentum moves down after short-term consolidation, the short-term decline may continue, the market’s bear sentiment is gradually emerging, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 72.985 73.821

Support levels: 71.095 70.392

Trading strategy: bearish below 72.149, target 71.095 70.392

Alternative strategy: call above 72.149, target 72.985 73.821