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USOil: Oscillation moved down
2023-07-18
848
Fundamental analysis:
Crude oil remained volatile around 74.154, China's economic growth in the second quarter was weaker than expected, and some of Libya's suspended oil fields resumed production. Although Russia and Saudi Arabia's cooperative efforts to cut production limited the decline in oil prices.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline continues to move downward, the market is shrouded in bearish sentiment, the MACD index maintains the shock and moves down to the lower side of the 0 axis, and the RSI index is weakly organized below the 50 balance line;
Resistance levels: 74.849 75.312
Support levels: 73.700 73.297
Trading strategy: bearish below 74.145, target 73.700 73.297
Alternative strategy: call above 74.145, target 74.849 75.312
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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