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UKOil: Bulls climb
2023-08-04
819
Fundamental analysis:
Brent oil remained volatile around 85.223, and long-term observers of OPEC did not believe that this would be enough for Saudi Arabia to relax its production cuts. Uncertainty about demand is one reason, and the risk of undermining overall OPEC discipline is another.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising at a high level, the short-term bullish sentiment is shrouded, the market bulls are constantly rising, the MACD indicator is finishing near the 0 axis, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 85.743 86.249
Support levels: 84.428 83.908
Trading strategy: Bullish above 84.992, target 85.743 86.249
Alternative strategy: bearish below 84.992, target 84.428 83.908
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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