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UKOil: Bulls climb

Fundamental analysis:
Brent oil remained volatile around 82.553, and the U.S. Strategic Petroleum Reserve (SPR) inventory decreased by 800,000 barrels to 371.6 million barrels in the week to January 6, a decrease of 0.21%. U.S. crude oil inventories at Cushing rose by 2.511 million barrels, the largest weekly increase since December 2021.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising rapidly at a low level, the short-term bullish sentiment is shrouded, the bullish momentum in the market is strong, the MACD indicator is finishing above the 0 axis, and the RSI indicator is hovering in a narrow range in the bullish area;
Long-short turning point: 82.553
Suppression: 83.608, 84.170
Support: 81.850, 81.165
Trading strategy: Bullish above 82.553, target 83.608, 84.170
Alternative strategy: bearish below 82.553, target 81.850, 81.165

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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