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UKOil: hovering high

Fundamental analysis:

Brent oil remained volatile around 89.778. The EIA reported that U.S. crude oil exports increased by 404,000 barrels per day in the week of September 1 to 4.932 million barrels per day. Commercial crude oil inventories excluding strategic reserves decreased by 6.307 million barrels to 417 million barrels, a decrease of 1.49%.

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

Brief technical analysis:

Looking at the 4-hour chart: the high level maintains consolidation in the short term, the bull power at the high level weakens, the short sentiment waits for an opportunity to enter the market, and the short-term retracement trend continues, the MACD indicator is in the long area and slowly retracts, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance levels: 90.527 91.037

Support levels: 89.373 88.881

Trading strategy: Bearish below 90.035, target 89.373 88.881
Alternative strategy: bullish above 90.035, target 90.527 91.037

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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