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UKOil: Move up high
2023-05-25
798
Fundamental analysis:
Brent oil remained volatile around 78.302. EIA report: Imports of commercial crude oil excluding strategic reserves were 5.85 million barrels per day last week, a decrease of 1.01 million barrels per day from the previous week. U.S. crude oil exports increased by 239,000 barrels per day to 4.549 million barrels last week /Day, the U.S. Strategic Petroleum Reserve inventory fell to the lowest level since September 1983.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high-level bullish momentum remains volatile and moves upward, the market is shrouded in bullish sentiment, and there is a trend of continuing to move upward in the short term. The MACD indicator is in the long-term zone to maintain consolidation, and the RSI indicator is in the long-term zone to maintain lingering;
Resistance: 78.647 79.043
Support levels: 77.752 77.311
Trading strategy: Bullish above 78.119, target 78.647 79.043
Alternative strategy: bearish below 78.119, target 77.752 77.311
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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