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UKOil: Continuing to fall
2023-03-16
726
Fundamental analysis:
Brent oil remained volatile around 74.366. EIA report: U.S. domestic crude oil production remained unchanged at 12.20 million barrels per day in the week of March 10, and the four-week average supply of U.S. crude oil products was 19.698 million barrels per day, a decrease of 6.4% from the same period last year .
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and fall, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish zone and continues to move down, and the RSI indicator is in the bearish zone and hovering at a low level;
Resistance levels: 75.975 76.989
Support levels: 73.439 72.369
Trading strategy: bearish below 74.933, target 73.439 72.369
Alternative strategy: call above 74.933, target 75.975 76.989
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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