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USOil: high volatility
2023-07-27
847
Fundamental analysis:
Crude oil remained volatile around 78.901. The U.S. EIA crude oil inventory for the week to July 21 was -600,000 barrels, expected to be -2.348 million barrels, and the previous value was -708,000 barrels. EIA crude oil inventories in Cushing, Oklahoma -2.609 million barrels, the previous value -2.891 million barrels.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: High short-term wide-ranging shocks and retracements, market sentiment gradually emerges, and there are signs of continued shocks and downward movement in the short term, MACD indicator is in the bullish zone and slowly descending, RSI indicator is in the bullish zone and maintains lingering;
Resistance levels: 79.567 79.972
Support: 78.494 78.086
Trading strategy: bearish below 79.088, target 78.494 78.086
Alternative strategy: call above 79.088, target 79.567 79.972
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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