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UKOil: within a narrow range
2023-07-21
839
Fundamental analysis:
Brent oil remained volatile around 79.643, and excess natural gas inventories in Europe and the United States depressed natural gas prices; European purchases of U.S. liquefied natural gas have decreased, with purchases of 4.15 million tons in June, down from 5.63 million tons in May.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term maintains a narrow range of shocks, the market's bullish momentum is slowly emerging, and there are signs of continued upward movement after consolidation in the short-term. 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: 80.073 80.486
Support levels: 79.062 78.666
Trading strategy: Bullish above 79.514, target 80.073 80.486
Alternative strategy: bearish below 79.514, target 79.062 78.666
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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