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USOil: Bears plunge
2023-06-23
904
Fundamental analysis:
Crude oil remained volatile around 69.533. The U.S. EIA crude oil inventory for the week to June 16 was -3.831 million barrels, expected to be 329,000 barrels, and the previous value was 7.919 million barrels. EIA crude oil inventories in Cushing, Oklahoma -98,000 barrels, the previous value of 1.554 million barrels.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline has continued to decline, the market is shrouded in bearish sentiment, the MACD indicator is oscillating near the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance: 70.251 70.680
Support levels: 69.106 68.690
Trading strategy: bearish below 69.786, target 69.106 68.690
Alternative strategy: call above 69.786, target 70.251 70.680
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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