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UKOil: sharp drop low

Fundamental analysis:

Brent oil remained volatile around 77.655, EIA report: U.S. Strategic Petroleum Reserve (SPR) inventory decreased by 1.021 million barrels to 366.9 million barrels in the week of April 21, a decrease of 0.28%, and the United States removed commercial crude oil from strategic reserves in the week of April 21 Imports were 6.376 million barrels per day, an increase of 82,000 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 short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole is in a bearish mood, the MACD indicator is in the bearish area and moves down, and the RSI indicator is in the bearish area and fluctuates downward;

Resistance levels: 78.776 79.346

Support levels: 77.097 76.479

Trading strategy: bearish below 78.095, target 77.097 76.479
Alternative strategy: call above 78.095, target 78.776 79.346

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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