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UKOil: highs and sharp falls
2023-08-03
743
Fundamental analysis:
Brent oil remained volatile around 83.402, and EIA crude oil inventories in Cushing, Oklahoma -1.259 million barrels, the previous value was -2.609 million barrels. U.S. crude inventories are now at their lowest level since January, a welcome sign for bulls who have been expecting a tightening in crude inventories for months.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term momentum has fallen sharply, short-term short-term sentiment is shrouded, the market decline may continue, the MACD indicator continues to fluctuate and move down, and the RSI indicator is in a weak position below the 50 balance line;
Resistance levels: 84.154 84.693
Support levels: 82.911 82.478
Trading strategy: bearish below 83.648, target 82.911 82.478
Alternative strategies: call above 83.648, target 84.154 84.693
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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