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USOil: low up
2023-06-29
883
Fundamental analysis:
Crude oil remained volatile around 69.150. The U.S. EIA crude oil inventory for the week to June 23 was -9.603 million barrels, expected to be -1.757 million barrels, and the previous value was -3.831 million barrels. EIA crude oil inventories at Cushing, Oklahoma, were at 1.209 million barrels, compared with -98,000 barrels previously.
Crude oil USOil - the 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of low-level bulls is rising strongly, short-term bulls continue to pull upwards, the market’s bullish sentiment remains, the MACD indicator is finishing below the 0 axis, and the RSI indicator is hovering near the 50 balance line;
Resistance levels: 69.493 69.842
Support levels: 68.595 68.278
Trading strategy: Bullish above 68.944, target 69.493 69.842
Alternative strategy: bearish below 68.944, target 68.595 68.278
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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