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UKOil: sharp drop low
2023-02-02
860
Fundamental analysis:
Brent oil remained volatile around 83.071, and EIA reported that the U.S. Strategic Petroleum Reserve (SPR) inventory remained unchanged at 371.6 million barrels for the week of January 27. U.S. domestic crude oil production remained unchanged at 12.20 million barrels per day. The United States imported 7.283 million barrels per day of commercial crude oil excluding strategic reserves, an increase of 1.378 million 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 low-level short-term momentum has fallen rapidly, and the short-term decline has not stopped. The market’s short-term sentiment continues to emerge, and there is a further downward trend. The MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Long-short turning point: 83.323
Suppression: 83.775, 84.202
Support: 82.645, 82.280
Trading strategy: bearish below 83.323, target 82.645, 82.280
Alternative strategy: Bullish above 83.323, target 83.775, 84.202
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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