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UKOil: upside high
2023-07-23
822
Fundamental analysis:
Brent oil remained volatile around 80.810. Signs of production cuts in Saudi Arabia and Russia were the triggers for this month's price rebound, while tight supply has also emerged in inventories.
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 move upwards, short-term bullish sentiment is shrouded, the market bulls continue to rise, the MACD indicator is in the bullish zone and gradually goes up, and the RSI indicator is in the bullish zone for consolidation;
Resistance levels: 81.239 81.616
Support: 80.239 79.876
Trading strategy: Bullish above 80.603, target 81.239 81.616
Alternative strategy: bearish below 80.603, target 80.239 79.876
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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