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USOil: pull low
2023-06-14
912
Fundamental analysis:
Crude oil remained volatile around 69.257. OPEC monthly report: It is expected that the daily consumption of crude oil in the world will exceed the supply by about 2.7 million barrels next month. If Saudi Arabia chooses to extend production cuts throughout the third quarter, the supply gap will be the largest since 2021.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of low-level bulls continues to fluctuate and rise, the short-term bullish sentiment continues, bulls have signs of continuing to climb, the MACD indicator is in the bearish area and slowly rising, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 69.760 70.214
Support levels: 68.577 68.104
Trading strategy: Bullish above 68.992, target 69.760 70.214
Alternative strategy: bearish below 68.992, target 68.577 68.104
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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