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UKOil: Shock down
2023-04-20
893
Fundamental analysis:
Brent oil remained volatile around 82.890, and U.S. crude oil inventories fell more than the American Petroleum Institute (API) expected, falling to the lowest level since February. PADD 3 (Gulf Coast) accounted for most of the decline after U.S. crude exports rebounded sharply, with crude outflows hitting their highest level since late March.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamic shock moves downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is at the lower side of the 0 axis and slowly moves downward, and the RSI indicator is in the short-term area;
Resistance levels: 83.875 84.559
Support levels: 82.346 81.735
Trading strategy: bearish below 83.174, target 82.346 81.735
Alternative strategy: call above 83.174, target 83.875 84.559
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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