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UKOil: upward shock
2023-06-27
873
Fundamental analysis:
Brent oil remains volatile around 74.265, OPEC+'s latest production cuts and the cautious attitude of US drillers, the oil supply situation should be worrying. However, demand conditions are also worrisome due to expectations of an ongoing recession fueled by central bank monetary policy.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains upward movement and then fluctuates, short-term bullish sentiment gradually emerges, and there are signs of continued consolidation in the short term. The MACD indicator is below the 0 axis for weak consolidation, and the RSI indicator is hovering below the 50 balance line;
Resistance: 74.663 75.061
Support levels: 73.583 73.208
Trading strategy: Bullish above 74.004, target 74.663 75.061
Alternative strategy: bearish below 74.004, target 73.583 73.208
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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