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USOil: sharp drop low
2023-08-17
813
Fundamental analysis:
Crude oil remained volatile around 79.236. The U.S. EIA crude oil inventory for the week to August 11 was -5.96 million barrels, expected to be -2.32 million barrels, and the previous value was 5.851 million barrels. In the United States, the EIA strategic oil reserve inventory in the week to August 11 was 600,000 barrels, compared with the previous value of 995,000 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 sharply at a low level, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area and continues to move down, and the RSI indicator is in the short-term area.
Resistance: 79.753 80.127
Support levels: 78.850 78.553
Trading strategy: bearish below 79.390, target 78.850 78.553
Alternative strategy: call above 79.390, target 79.753 80.127
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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