Cloth oil maintains a shock around 84.320. Due to various situational factors, Jerome Powell's performance may be overshadowed. The Saudi government's decision to cut output by 1 million barrels per day has a major impact on market dynamics. Questions linger over potential returns, especially given the specter of supply uncertainty looming large over the Biden administration's previously announced Strategic Petroleum Reserve.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: In the short term, the weak order is maintained, the market bearish sentiment is gradually emerging, and there are signs of a retracement in the short term, the MACD indicator is in a weak order on the upper side of the 0 axis, and the RSI indicator is in a weak position on the upper side of the 50 balance line;
Resistance levels: 84.842 85.205
Support levels: 83.980 83.663
Trading strategy: bearish below 84.468, target 83.980 83.663
Alternative strategy: call above 84.468, target 84.842 85.205