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Oil distribution: continuous decline
2022-07-01
1181
Fundamental analysis:
The oil distribution remained volatile around 109.142. It is expected that Brent crude oil will fall back moderately in 2023, but the price will remain high in the short term. Although the imminent slowdown in demand indicates that commodity prices will fall in 2023, the limited idle capacity in the global market may support the current spot premium and high spot prices in the near future.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the short power continued to fluctuate and fall near the off track of the Bollinger belt index, and continued to decline after falling below the nodes near the off track in a short time. The Bollinger belt index continued to open its mouth, the MACD index hovered below the 0 axis, and the RSI index fell below the 50 equilibrium line;
Multi empty turning point: 109.814
Pressing position: 111.077, 112.438
Support position: 107.968, 106.737
Trading strategy: bearish below 109.814, target 107.968, 106.737
Alternative strategy: bullish above 109.814, target 111.077, 112.438
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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