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UKOil: Bears sink
2023-06-15
919
Fundamental analysis:
Brent oil remained volatile around 73.545. EIA reported that commercial crude oil inventories excluding strategic reserves increased by 7.9 million barrels to 467.1 million barrels, an increase of 1.7%. U.S. domestic crude oil production remained unchanged at 12.4 million barrels per day in the week of June 09.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline may continue, the market bearish sentiment is strong, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 74.274 74.751
Support levels: 73.044 72.643
Trading strategy: bearish below 73.784, target 73.044 72.643
Alternative strategy: call above 73.784, target 74.274 74.751
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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