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UKOil: bulls up
2022-12-01
1038
Fundamental analysis:
Brent oil remained volatile around 86.701. In the week of November 25, the U.S. Strategic Petroleum Reserve (SPR) inventory decreased by 1.402 million barrels to 389.1 million barrels, a decrease of 0.36%. Commercial crude oil inventories were the lowest since the week ended Aug. 26, 2022.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level long-term momentum remains volatile and rising, the short-term bullish sentiment continues, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Long-short turning point: 86.247
Suppression: 87.787, 88.693
Support: 85.281, 84.224
Trading strategy: Bullish above 86.247, target 87.787, 88.693
Alternative strategy: bearish below 86.247, target 85.281, 84.224
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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