UKOil: high volatility

Brent oil maintains shock around 85.260. Barclays: In 2024, due to the significant tightening of balance estimates, the Brent crude oil forecast will be raised by US$8/barrel to US$97/barrel, and the Brent crude oil forecast in 2023 will be lowered by US$3/barrel. to $84/barrel. The 2023 Brent crude oil forecast is lowered by US$3/barrel to US$84/barrel, mainly due to the impact of mark-to-market, and the forecast for the fourth quarter of 23 remains unchanged at US$92/barrel.

UKOil - 4-hour K-line chart shows:

Looking at the 4-hour chart: the high level remains volatile in the short term, the market's bullish sentiment remains, and there is a continued upward movement in the short term. The MACD indicator is in the bullish zone and maintains consolidation, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance level: 85.620 85.958

Support level: 84.804 84.502

Trading strategy: Bullish above 85.123, target 85.620 85.958

Alternative strategy: bearish below 85.123, target 84.804 84.502