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UKOil: Continues to decline

2023-08-24
680
Fundamental analysis:

Cloth oil remained oscillating around 82.882, refining activities and crude oil exports continued to be strong, driving a steady decline in crude oil inventories, while the peak operation of refineries in summer led to an increase in gasoline and distillates.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum maintains shocks and moves downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the short-selling area, and the RSI indicator is hovering below the 50 balance line;

Resistance: 83.515 83.890

Support: 82.472 82.120

Trading strategy: bearish below 83.141, target 82.472 82.120
Alternative strategy: call above 83.141, target 83.515 83.890

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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