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UKOil: low finishing

Fundamental analysis:

Brent oil remains volatile around 72.490. With the recent sharp drop in prices leading to a reduction in the number of new drilling and completions, growth will slow down sharply, and the impact will be evident by the fourth quarter of 2023. U.S. crude oil and condensate production fell by 53,000 barrels per day in February from the previous month, according to data from the U.S. Energy Information Administration (EIA).

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

Brief technical analysis:

Looking at the 4-hour chart: After the short-term dynamics maintained a volatile downward trend, the short-term lows fluctuated within a narrow range, and the short-term momentum has weakened, but the market as a whole is still in a downward trend. The MACD index is in the low position of the short area, and the RSI index is in the low position of the short area.

Resistance levels: 73.749 74.664

Support levels: 71.538 70.635

Trading strategy: bearish below 72.886, target 71.538 70.635
Alternative strategy: call above 72.886, target 73.749 74.664

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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