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UKOil: Move up high
2023-08-02
791
Fundamental analysis:
Brent oil remained volatile around 85.716, with oil output from the Organization of the Petroleum Exporting Countries (OPEC) falling in July as Saudi Arabia made additional voluntary production cuts as part of the latest agreement by the OPEC+ group of oil producers to support the market and exports from a port in Nigeria were suspended , limiting supply.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of high bulls remains volatile, short-term bulls have signs of continuing to move upward, the MACD indicator hovers in the bullish zone, and the RSI indicator is in the bullish zone for consolidation;
Resistance levels: 86.136 86.559
Support: 85.013 84.605
Trading strategy: Bullish above 85.478, target 86.136 86.559
Alternative strategy: bearish below 85.478, target 85.013 84.605
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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