Ukoil: low and weak

Fundamental analysis:

Oil distribution remained volatile around 88.376, and the increase in commercial crude oil inventory of 8.8 million barrels was offset by the decrease in strategic oil inventory of 7.5 million barrels. The final result was that as of the week of September 2, the national crude oil inventory of the United States had increased by only 1.3 million barrels. This is the first increase in the four weeks since the existence of the national crude oil depot, and also the largest increase in two months.

Oil distribution ukoil - 4-hour K-line diagram shows:

Technical analysis:

According to the 4-hour chart, after the short shock moves down, the low-end narrow range weak consolidation, the market short sentiment is shrouded, and it is still low in the short term. The MACD indicator is in the short area consolidation, and the RSI indicator is in the short area below the 50 equilibrium line;

Long and short turning point: 88.638

Pressing position: 89.748, 91.008

Support position: 86.726, 85.144

Trading strategy: 88.638 lower bearish, target 86.726, 85.144

Alternative strategy: bullish above 88.638, target 89.748, 91.008