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UKOil: V-shaped inversion
2023-08-09
759
Fundamental analysis:
Brent oil remained volatile around 86.047, Brent crude futures rose above $80 a barrel, and Saudi Arabia still decided to extend production cuts until September, indicating that the country's target price may be higher than $80.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The bullish momentum is V-shaped and oscillating upwards, the market bulls continue to pull up, the MACD indicator is in the bullish area and maintains consolidation, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 86.486 86.916
Support levels: 85.298 84.838
Trading strategy: Bullish above 85.773, target 86.486 86.916
Alternative strategy: bearish below 85.773, target 85.298 84.838
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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