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UKOil: shock down
2023-06-21
1030
Fundamental analysis:
Brent oil remained volatile around 75.482, and oil prices were supported as Saudi Arabia was about to begin its previously promised production cuts. However, the demand side is still sluggish, and Russia's production cuts are ambiguous, which is expected to limit the rise in oil prices.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term fluctuations in a narrow range, the market's bearish sentiment is gradually emerging, and the short-term will continue to fluctuate and move downward.
Resistance: 76.133 76.545
Support levels: 75.065 74.706
Trading strategy: bearish below 75.723, target 75.065 74.706
Alternative strategy: call above 75.723, target 76.133 76.545
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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