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UKOil: high position down
2023-08-11
774
Fundamental analysis:
Brent oil remained volatile around 86.352, OPEC monthly report: data from the Organization of the Petroleum Exporting Countries (OPEC) showed that due to Saudi production cuts, the global oil market supply gap will exceed 2 million barrels per day this quarter.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short shocks continue to decline, the short-term decline continues, the market is shrouded in bearish sentiment, the MACD indicator is in the long zone and slowly moves down, and the RSI indicator is hovering around the 50 equilibrium line;
Resistance levels: 86.983 87.462
Support: 85.887 85.474
Trading strategy: bearish below 86.542, target 85.887 85.474
Alternative strategies: call above 86.542, target 86.983 87.462
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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