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UKOil: within a narrow range
2023-01-06
932
Fundamental analysis:
Brent oil remained volatile around 78.824. The U.S. imported 5.712 million barrels/day of commercial crude oil excluding strategic reserves this week, a decrease of 540,000 barrels/day from the previous week. It decreased by 4.25%, and commercial crude oil inventories excluding strategic reserves increased by 1.694 million barrels to 421 million barrels, an increase of 0.4%.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: After the short-term momentum continued to decline, the lows fluctuated within a narrow range, and the market was shrouded in bearish sentiment. Although the short-term lows were supported and moved up, the overall situation was weak. ;
Long-short turning point: 78.493
Suppression: 79.530, 80.198
Support: 77.942, 77.350
Trading strategy: Bullish above 78.493, target 79.530, 80.198
Alternative strategy: bearish below 78.493, target 77.942, 77.350
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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