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UKOil: low rise
2023-06-16
901
Fundamental analysis:
Brent oil remained volatile around 75.586, and UBS lowered its forecast for Brent crude oil prices this year, citing higher-than-expected supply despite demand remaining resilient. The bank lowered its forecast for Brent crude oil prices by $5/barrel to $85/barrel in September, and by $5/barrel to $90/barrel in December.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the low-level bulls is rising rapidly, the short-term bullish sentiment is strong, the market bulls are constantly rising, the MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Resistance levels: 75.860 76.419
Support: 74.914 74.500
Trading strategy: Bullish above 75.315, target 75.860 76.419
Alternative strategy: bearish below 75.315, target 74.914 74.500
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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