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USOil: up high
2023-08-10
766
Fundamental analysis:
Crude oil remained volatile around 84.192. The U.S. EIA crude oil inventory for the week to August 4 was 5.851 million barrels, expected to be 567,000 barrels, and the previous value was -17.049 million barrels. EIA crude oil inventories at Cushing, Oklahoma, were at 159,000 barrels, compared with -1.259 million barrels previously.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bulls continue to fluctuate and rise, the short-term bullish sentiment is shrouded, the market bulls are constantly rising, the MACD indicator is in the bullish zone and maintains an upward trend, and the RSI indicator is in the bullish zone to maintain consolidation;
Resistance: 84.671 85.240
Support: 83.497 83.053
Trading strategy: Bullish above 83.949, target 84.671 85.240
Alternative strategy: bearish below 83.949, target 83.497 83.053
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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