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UKOil: bulls up
2023-07-05
876
Fundamental analysis:
Brent oil remained volatile around 76.165, and Saudi Arabia and Russia successively announced continued production cuts, providing producers with a more optimistic outlook. In addition to another rise in spot prices, futures prices are also showing signs of bullishness, with the recent spread of Brent oil closing at its highest level in about a month on Monday, indicating that the market expects tighter supplies.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the short-term bullish sentiment continues, the bulls in the market are constantly pulling up, the MACD indicator is in the bullish zone, and the RSI indicator is in a weak order on the side of the 50 balance line;
Resistance levels: 76.540 76.888
Support levels: 75.622 75.252
Trading strategy: Bullish above 75.970, target 76.540 76.888
Alternative strategy: bearish below 75.970, target 75.622 75.252
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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