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UKOil: up high
2023-07-09
878
Fundamental analysis:
Brent oil remained oscillating around 78.274. As the United States entered the summer tourism peak and Saudi Arabia dared to increase its selling prices to Europe and Asia, the outlook for crude oil demand began to improve. Oil has bottomed out this week and could head higher as long as global recession fears don't go wild.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of high-level bulls continues to rise, the short-term bullish sentiment continues, the market bulls continue to climb, the MACD indicator is moving up from the high level in the bullish area, and the RSI indicator is in the high level of the bullish area;
Resistance: 78.678 79.045
Support levels: 77.692 77.289
Trading strategy: Bullish above 78.068, target 78.678 79.045
Alternative strategy: bearish below 78.068, target 77.692 77.289
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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