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UKOil: hovering at a low level;

2023-03-17

732

UKOil

Fundamental analysis:

Brent oil remained volatile around 74.606. United Petroleum Database: Saudi crude oil inventories fell by 2.924 million barrels in January to 145.654 million barrels, and Saudi crude oil direct combustion in January fell by 165,000 barrels per day to 312,000 barrels per day.

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

Brief technical analysis:

The 4-hour chart: After the short-term momentum continued to fall, the low level fluctuated within a narrow range, the market continued to be low and within a narrow range, the MACD indicator was hovering at a low level in the short area, and the RSI indicator was at a low level and weak within a narrow range;

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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UKOil: hovering at a low level;

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