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USOil: Bulls up
2023-07-02
911
Fundamental analysis:
Crude oil remains volatile around 70.425, and OPEC+ or Saudi Arabia's production cuts will lead to a large crude oil supply gap in the second half of 2023.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls continue to fluctuate and rise, the short-term bullish sentiment remains, the market bulls continue, the MACD indicator hovers above the 0 axis, and the RSI indicator is on the side of the 50 balance line.
Resistance levels: 70.734 71.048
Support levels: 69.925 69.642
Trading strategy: Bullish above 70.228, target 70.734 71.048
Alternative strategy: bearish below 70.228, target 69.925 69.642
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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