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UKOil: Strong upside
2023-06-02
810
Fundamental analysis:
Brent oil remained volatile around 74.342, and the U.S. EIA strategic oil reserve inventory for the week to May 26 was the lowest since the week of September 9, 1983; commercial crude oil imports excluding strategic reserves were since the week of January 27, 2023 The highest, the U.S. crude oil exports in the week ending May 26 were the highest since the week ending March 31, 2023.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum has risen strongly, the short-term bullish sentiment remains, the market as a whole is in a bullish trend, the MACD indicator is in the bearish area and moves upward, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 74.826 75.307
Support levels: 73.665 73.212
Trading strategy: Bullish above 74.132, target 74.826 75.307
Alternative strategy: bearish below 74.132, target 73.665 73.212
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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