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Oil distribution: weak finishing up
2022-07-12
1408
Fundamental analysis:
The oil distribution remained volatile around 105.237, and the first highly infectious Omicron sub variant virus was found in Asian consumer countries, which may lead to a new round of large-scale testing, which will damage fuel demand.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the low-level bulls maintained a step-by-step shock rise, the short-term highs were suppressed to a certain extent, and the amplitude space gradually narrowed. The MACD low-level Bulls' power maintenance finishing moved up to the lower side of the 0 axis, and the RSI index was in a narrow range finishing near the 50 equilibrium line;
Long short turning point: 104.357
Pressing position: 106.962, 108.632
Support position: 102.553, 101.083
Trading strategy: bullish above 104.357, target 106.962, 108.632
Alternative strategy: bearish below 104.357, target 102.553, 101.083
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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