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USOil: strong pull up
2023-06-18
884
Fundamental analysis:
Crude oil remained volatile around 71.830, and the dollar rebounded from a more than one-month low, limiting the rise in oil prices. However, oil prices were set to snap a two-week losing streak on optimism over rising energy demand in top crude importer China.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum keeps oscillating and moving upwards, and there is a trend of continuing to rise in the short term. The MACD indicator is on the 0 axis and the market is slowly rising, and the RSI indicator is on the upper side of the 50 balance line and moves upward;
Resistance levels: 72.254 72.644
Support levels: 71.171 70.717
Trading strategy: Bullish above 71.574, target 72.254 72.644
Alternative strategy: bearish below 71.754, target 71.171 70.717
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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