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UKOil: Continuing to fall
2023-03-15
772
Fundamental analysis:
Brent oil remains volatile around 77.482. It is expected that China's oil demand will increase by 710,000 barrels per day in 2023, which was previously expected to increase by 590,000 barrels per day. The non-OECD oil demand in 2023 will be raised by 270,000 barrels per day to 55.67 million barrel/day.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fall, the short-term decline has not stopped, the market as a whole is in a continuous decline, the MACD indicator is in the region and the RSI indicator is in the short-term area.
Resistance: 78.449 79.052
Support levels: 76.969 76.547
Trading strategy: bearish below 77.855, target 76.969 76.547
Alternative strategy: call above 77.855, target 78.449 79.052
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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