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Ukoil:105 firm short selling near
2022-07-27
1166
Basic analysis:
On Tuesday (July 26), oil distribution futures fell 0.7% to settle at $104.4 / barrel. The price difference between the two major crude oil indicators has expanded to the largest level since April 2020, nearly $10 / barrel. The US government said it would sell another 20million barrels of oil from the strategic petroleum reserve (SPR)
Ukoil 4-hour chart of UK crude oil
Technical analysis:
According to the 4-hour chart, the short-term price began to fall, the medium-term graphic structure was still weak, and the trend line was broken. The MACD energy column continued to shrink on the 0 axis, RSI fell slightly, and the short-term oil price downward probability was large.
Long short turning point: 109.00
Resistance level: 116.00 125.00
Support position: 100.00 90.00
Trading strategy: bearish below 109.00, target 100.00, 90.00
Alternative strategy: bullish above 109.00, target 116.00, 125.00
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