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UKOil: high retracement
2023-07-16
854
Fundamental analysis:
Brent oil remained volatile around 79.626, Libya and Nigeria were widely concerned about supply disruptions, OPEC raised its demand forecast for the year, and U.S. crude oil demand is expected to increase as inflation cools.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high-level short-term sentiment is shrouded, and there are signs of continued retracement and downward movement in the short term. The MACD indicator is in the bullish area and moves downward, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 80.553 81.127
Support levels: 79.038 78.488
Trading strategy: bearish below 79.985, target 79.038 78.488
Alternative strategies: call above 79.985, target 80.553 81.127
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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