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USOil: bulls move up
2023-06-22
884
Fundamental analysis:
Crude oil remained volatile around 72.385. Fitch said the reduction in oil price expectations for 2023 reflected weak short-term demand and concerns about slowing global economic growth.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the market is still bullish, and there is a trend of continuing to move upward in the short term. The MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 72.820 73.223
Support levels: 71.813 71.385
Trading strategy: Bullish above 72.203, target 72.820 73.223
Alternative strategy: bearish below 72.203, target 71.813 71.385
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