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UKOil: low rise

2023-02-24
858
Fundamental analysis:

Brent oil remained volatile around 82.422. The U.S. EIA crude oil inventory in the week to February 17 was 7.648 million barrels, expected to be 2.083 million barrels, and the previous value was 16.283 million barrels. In the United States, the EIA strategic oil reserve inventory in the week to February 17 was 0 million barrels, and the previous value was 0 million barrels.

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



Brief technical analysis:

The 4-hour chart: the low-level bullish momentum reversed strongly and moved up, the market’s bullish sentiment began to emerge, the short-term bullish momentum continued to rise, the MACD indicator was in the short-term area and moved up, and the RSI indicator was in the short-term area and moved up to the 0 axis. ;

Long-short turning point: 82.234

Suppression: 82.781, 83.206
Support: 84.847, 81.376

Trading strategy: Bullish above 82.234, target 82.781, 83.206
Alternative strategy: bearish below 82.234, target 84.847, 81.376

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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