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UKOil: low down
2023-06-13
852
Fundamental analysis:
Brent oil remained volatile around 72.047, and the oil market will tighten in the second half of this year as demand from China and India picks up further. High interest rates and weak economies in the U.S. and Europe will weigh on oil prices for at least the rest of the year.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is down strongly at a low level, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and moves down from a low level, and the RSI indicator is in the bearish area to maintain consolidation;
Resistance levels: 72.785 73.198
Support levels: 71.610 71.303
Trading strategy: bearish below 72.331, target 71.610 71.303
Alternative strategy: call above 72.331, target 72.785 73.198
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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