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UKOil: Bears move down
2023-06-11
911
Fundamental analysis:
Brent oil remained volatile around 74.939, affected by Saudi Arabia's promise over the weekend to further cut production on the basis of an earlier agreement with the Organization of the Petroleum Exporting Countries (OPEC) and its allies. However, rising U.S. fuel inventories and weaker data weighed on the market.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum moves downward in a wide range, the short-term decline may continue, the market as a whole continues to move downward, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;
Resistance levels: 75.654 76.081
Support levels: 74.519 74.119
Trading strategy: bearish below 75.213, target 74.519 74.119
Alternative strategy: call above 75.213, target 75.654 76.081
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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