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USOil: low down

2023-06-13
917
Fundamental analysis:

Crude oil remained volatile around 67.284. Analysts at Goldman Sachs cut their oil price forecast by nearly 10% because they believe that crude oil supply is increasing and demand is slowing.

Crude oil USOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the lows continue to fluctuate downwards, and the short-term decline may continue. The market as a whole is in a bearish momentum that is constantly moving downward.

Resistance levels: 68.009 68.476

Support levels: 66.778 66.377

Trading strategy: bearish below 67.508, target 66.778 66.377
Alternative strategy: call above 67.508, target 68.009 68.476

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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