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UKOil: upside high
2023-07-26
829
Fundamental analysis:
Brent oil remained volatile around 83.261, the Organization of the Petroleum Exporting Countries (OPEC) and Russia and other allies (OPEC+) cut production, and supply is expected to tighten. China has pledged to step up policy support for the economy, with a focus on boosting domestic demand. Oil prices may rise further in the short term.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: bulls are moving upwards at a high level, and there are signs of continued upward movement in the short term. The MACD indicator is rising at a high level in the bullish zone, and the RSI indicator is in a high level of volatility in the bullish zone;
Resistance levels: 83.676 84.182
Support: 82.511 82.003
Trading strategy: Bullish above 83.019, target 83.676 84.182
Alternative strategy: bearish below 83.019, target 82.511 82.003
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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