UKOil: Short Positions Fall

Fundamental analysis:

The oil distribution remained volatile around 92.326. As of November 4, the EIA Oklahoma Cushing crude oil inventory in the United States had been -923000 barrels, with a previous value of 1.267 million barrels. The commercial crude oil inventory of the United States excluding strategic reserves in the week ending November 4 was the highest since July 2, 2021. The EIA strategic oil reserve inventory of the United States in the week to November 4 was the lowest since April 27, 1984.

Oil distribution UKOil – 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that the bearish momentum is rapidly declining, and the short-term decline may continue. The bearish sentiment in the market is good, and the short-term decline has a further downward trend. The MACD indicator is at a low level in the bearish area, and the RSI indicator is at a low level in the bearish area to maintain a volatile downward trend;

Empty turning point: 92.656

Pressing: 93.265, 93.858

Support: 91.703, 91.141

Trading strategy: bearish at 92.656, target 91.703, 91.141

Alternative strategy: bullish above 92.656, target 93.265, 93.858