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USOil: uplink blocked
2023-06-08
936
Fundamental analysis:
Crude oil remained volatile around 72.442. The U.S. EIA crude oil inventory for the week to June 2 was -451,000 barrels, expected to be 1.022 million barrels, and the previous value was 4.489 million barrels. EIA crude oil inventories at Cushing, Oklahoma, were 1.721 million barrels, compared with 1.628 million barrels previously.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls’ motivation is panting and oscillating, and then encounters resistance. The short-term bullish sentiment is gradually weakening, but the upward trend is still there. The MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 72.936 73.375
Support levels: 71.660 71.234
Trading strategy: Bullish above 72.154, target 72.936 73.375
Alternative strategy: bearish below 72.154, target 71.660 71.234
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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