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UKOil: high volatility
2023-06-20
879
Fundamental analysis:
Brent oil remains volatile around 76.088, and Saudi production cuts are unlikely to remain high at $80 or $90 due to sluggish demand and supply from non-OPEC countries will increase before the end of the year.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintained a shock and rose and then sorted out at a high level. The upward trend of the market bulls began to weaken, but the upward trend remained. The MACD indicator remained in the bullish zone and the RSI indicator hovered weakly on the side of the 50 balance line;
Resistance: 76.545 77.009
Support levels: 75.315 74.889
Trading strategy: Bullish above 75.792, target 76.545 77.009
Alternative strategy: bearish below 75.792, target 75.315 74.889
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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