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UKOil: Keep moving down

Fundamental analysis:

Brent oil remained volatile around 82.482, and the EIA crude oil inventory in the United States for the week ending March 3 recorded the largest drop since the week of December 16, 2022, ending the previous 10 consecutive weeks of increase. This week, the United States imported 6.271 million barrels of commercial crude oil excluding strategic reserves, an increase of 63,000 barrels per day from the previous week.

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 move downward, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the bearish area and the RSI indicator is in a weak position below the 50 balance line;

Resistance levels: 83.007 83.398

Support levels: 82.168 81.848

Trading strategy: bearish below 82.617, target 82.168 81.848
Alternative strategy: call above 82.617, target 83.007 83.398

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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