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UKOil: Bears plunge
2023-08-17
828
Fundamental analysis:
U.S. Energy Information Administration (EIA): EIA crude oil inventory in Cushing, Oklahoma -837,000 barrels, the previous value was 159,000 barrels. Crude inventories at Cushing fell last week to the lowest level since April, U.S. crude oil exports last week hit the highest level since August 2022, and U.S. domestic oilfield production rose last week to the highest level since March 2020 .
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish zone and continues to move down, and the RSI indicator is in the bearish zone for consolidation;
Resistance levels: 83.925 84.308
Support levels: 82.925 82.584
Trading strategy: bearish below 83.542, target 82.925 82.584
Alternative strategy: call above 83.542, target 83.925 84.308
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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