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UKOil: high retracement
2023-07-20
873
Fundamental analysis:
Brent oil remained oscillating around 79.488, and the EIA strategic oil reserve inventory in the United States until July 14 was flat, ending the previous 15 consecutive weeks of downward trend. Commercial crude oil inventories excluding strategic reserves decreased by 708,000 barrels to 457 million barrels, a decrease of 0.15%.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics fluctuate downward, and the short-term decline may continue. In the overall bearish trend of the market, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 80.245 80.689
Support levels: 79.126 78.666
Trading strategy: bearish below 79.867, target 79.126 78.666
Alternative strategies: call above 79.867, target 80.245 80.689
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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