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USOil: strong pull up
2023-06-02
816
Fundamental analysis:
Crude oil remained volatile around 70.156. The U.S. EIA crude oil inventory for the week to May 26 was 4.488 million barrels, expected to be -1.386 million barrels, and the previous value was -12.456 million barrels. In the United States, the EIA crude oil inventory in Cushing, Oklahoma, in the week to May 26 was 1.628 million barrels, compared with the previous value of 1.762 million barrels.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls are driven up strongly, the short-term bullish sentiment is shrouded, the market bulls continue to rise, the MACD indicator is in the short area and moves up, and the RSI indicator is hovering around the 50 balance line;
Resistance levels: 71.644 71.166
Support levels: 69.437 68.957
Trading strategy: Bullish above 69.903, target 71.644 71.166
Alternative strategy: bearish below 69.903, target 69.437 68.957
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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