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USOil: Tidy Up Move
2023-05-23
872
Fundamental analysis:
Crude oil remained volatile around 72.096, and the market expects a lot of volatility in the next few days, and with the agreement to raise the debt ceiling, crude oil prices will rebound. But as other economic headwinds return to center stage, crude's upside will be limited.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum moves upward in the short term, the market bullish sentiment emerges, and there are signs of continued upward movement in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak consolidation near the 50 balance line;
Resistance levels: 72.985 73.821
Support levels: 71.095 70.392
Trading strategy: Bullish above 71.802, target 72.985 73.821
Alternative strategy: bearish below 71.802, target 71.095 70.392
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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