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USOil: slow down
2023-05-12
876
Fundamental analysis:
Crude oil remained volatile around 71.408, supported by a much larger-than-expected decline in refined oil inventories in the United States, the world's largest oil consumer, reflecting strong demand for transportation fuels in the United States. But rising interest rates continue to fuel recession fears, and investors remain cautious.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: After the short-term narrow-range consolidation, the short-sellers waited for an opportunity to enter the market and moved slowly downwards. The market’s bearish sentiment gradually emerged. The MACD indicator was on the upper side of the 0-axis and fell into a weak position for a few days before retracing. The RSI indicator was on the lower side near the 50 balance line weak finishing;
Resistance levels: 72.784 73.657
Support levels: 70.491 69.617
Trading strategy: bearish below 71.883, target 70.491 69.617
Alternative strategy: call above 71.883, target 72.784 73.657
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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