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Oil distribution: bulls continue to rise
2022-07-19
1304
Fundamental analysis:
The oil distribution remained volatile around 105.583. Due to concerns that the economic recession will hit oil demand, the two major crude oil futures prices hit their biggest weekly decline in nearly a month. However, oil supply is still tight, which limits the downward space of oil prices.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the trend of long power maintaining concussion and upward movement is good, and there is no sign of stopping in the short term. The MACD index is hovering above the 0 axis, and the RSI index is in the 50 equilibrium online side sorting;
Long short turning point: 104.968
Pressing position: 107.486, 109.547
Support position: 103.035, 101.110
Trading strategy: bullish above 104.968, target 107.486, 109.547
Alternative strategy: bearish below 104.968, target 103.035, 101.110
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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