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