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UKOil: high position down
2023-07-18
839
Fundamental analysis:
According to the joint oil database JODI: Saudi crude oil inventories decreased by 1.2 million barrels, petroleum product inventories increased by 900,000 barrels, and Saudi Arabia's crude oil inventories fell by 1.156 million barrels in May to 148.241 million barrels.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the strength of the high-level short position remains volatile and moves downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Resistance: 79.450 80.053
Support levels: 77.829 77.302
Trading strategy: bearish below 78.809, target 77.829 77.302
Alternative strategy: call above 78.809, target 79.450 80.053
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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