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UKOil: shock up
2023-06-30
886
Fundamental analysis:
Brent oil remained volatile around 74.419, oil producers restricted supply, but uncertain prospects for fuel demand growth limited oil price gains. The spread of electric vehicles and increased energy efficiency in many industries in response to climate change could start to affect the underlying demand structure itself.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum keeps oscillating and moving upwards, the market’s bullish sentiment continues, and the short-term will continue to oscillate and rise, the MACD indicator maintains oscillating and moves up to hover around the 0 axis, and the RSI indicator is in a weak order on the side of the 50 balance line;
Resistance levels: 74.777 75.126
Support levels: 73.901 73.564
Trading strategy: Bullish above 74.229, target 74.777 75.126
Alternative strategy: bearish below 74.229, target 73.901 73.564
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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