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UKOil: Bulls up

Fundamental analysis:

Brent oil remained volatile around 76.741. EIA reported that commercial crude oil inventories excluding strategic reserves increased by 5.04 million barrels to 468 million barrels, an increase of 1.09%. In the week of May 12, the United States imported 6.860 million barrels of commercial crude oil per day, excluding strategic reserves, an increase of 1.307 million barrels per day from the previous week. The U.S. EIA crude oil inventory increase in the week to May 12 was the largest since the week of February 17, 2023.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is strong and fluctuating, pulling up and rising, the short-term bullish sentiment continues, the bulls in the market continue to climb, the MACD indicator hovers on the 0 axis and then moves up, and the RSI indicator is weak on the side of the 50 balance line;

Resistance: 77.336 77.938

Support levels: 75.779 75.160

Trading strategy: Bullish above 76.432, target 77.336 77.938
Alternative strategy: bearish below 76.432, target 75.779 75.160

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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