UKOil: Keep moving down

Brent oil remained volatile around 85.176, EIA report: the U.S. Strategic Petroleum Reserve (SPR) inventory remained unchanged at 371.6 million barrels in the week of February 10, and the U.S. imported 6.232 million barrels of commercial crude oil excluding strategic reserves in the week of February 10 On the same day, it decreased by 826,000 barrels per day from the previous week, and commercial crude oil inventories excluding strategic reserves increased by 16.283 million barrels to 471 million barrels, an increase of 3.58%.

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

Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and move down, the market is shrouded in short-term sentiment, and it is supported and volatile in the short term, but the downward trend remains. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Long-short turning point: 85.432

Suppression: 85.975, 86.499

Support: 84.631, 84.058

Trading strategy: Bearish below 85.432, target 84.631, 84.058

Alternative strategy: call above 85.432, target 85.975, 86.499