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UKOil: low down
2023-06-28
860
Fundamental analysis:
Brent oil remained volatile around 72.530, Saudi Arabia will unilaterally cut production by an additional 1 million barrels per day in July, coupled with strong seasonal demand, should help to actually tighten the market in the third quarter.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to decline at a low level, and the short-term decline may continue. The market as a whole continues to move downwards. The MACD indicator is in the short-selling area to maintain consolidation, and the RSI indicator is in the short-selling area to maintain shocks;
Resistance: 73.139 73.573
Support levels: 72.128 71.798
Trading strategy: bearish below 72.753, target 72.128 71.798
Alternative strategy: call above 72.753, target 73.139 73.573
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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