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USOil: bulls up
2023-06-04
897
Fundamental analysis:
Crude oil remained oscillating around 71.964. The Fed's interest rate hike in June is expected to cool down. The U.S. dollar fell sharply overnight, which also provided support for oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bullish sentiment, and it will continue to rise in the short term. The MACD index maintains shocks and moves up to hover around the 0 axis, and the RSI index is in a weak order on the side of the 50 balance line;
Resistance: 74.414 72.867
Support levels: 71.330 70.905
Trading strategy: Bullish above 71.756, target 74.414 72.867
Alternative strategy: bearish below 71.756, target 71.330 70.905
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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