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UKOil: shock down
2023-08-13
750
Fundamental analysis:
Brent oil remained volatile around 86.559, and economists at Commerzbank revised their forecast for Brent crude oil prices; they raised their forecasts for Brent crude oil prices at the end of the quarter to $90 a barrel (previously $80).
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamic shock moves downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 87.042 87.462
Support levels: 86.192 85.854
Trading strategy: bearish below 86.693, target 86.192 85.854
Alternative strategy: call above 86.693, target 87.042 87.462
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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