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UKOil: Finishing moves down
2023-08-15
768
Fundamental analysis:
Brent oil remained volatile around 86.167 due to concerns about a faltering global economic recovery and a stronger dollar, but tighter supply due to OPEC+ production cuts and tensions in the Black Sea region limited oil price losses.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum maintains and moves down, the short-term decline may continue, the overall bearish sentiment in the market remains, the MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 86.712 87.042
Support levels: 85.854 85.531
Trading strategy: bearish below 86.361, target 85.854 85.531
Alternative strategy: call above 86.361, target 86.712 87.042
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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