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USOil: short-term sharp rise

Fundamental analysis:

Crude oil remained volatile around 73.507, and then the negative sentiment on the economy and China's weak economic recovery once again gained the upper hand, pushing oil prices down to a low of $70 a barrel.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term bullish momentum is rising rapidly, the market is bullish, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;

Resistance levels: 74.319 75.253

Support levels: 72.013 71.107

Trading strategy: Bullish above 73.139, target 74.319 75.253
Alternative strategy: bearish below 73.139, target 72.013 71.107

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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