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USOil: Market plunges
2023-06-15
907
Fundamental analysis:
Crude oil remained volatile around 68.642. The U.S. EIA crude oil inventory for the week to June 9 was 7.919 million barrels, expected to be -510,000 barrels, and the previous value was -452,000 barrels. In the United States, the EIA crude oil inventory in Cushing, Oklahoma, in the week to June 9 was 1.554 million barrels, compared with the previous value of 1.721 million barrels.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen strongly, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance: 69.483 69.886
Support levels: 68.124 67.695
Trading strategy: bearish below 68.992, target 68.124 67.695
Alternative strategy: call above 68.992, target 69.483 69.886
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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