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Ukoil: bears continue to fall
2022-08-04
1275
Fundamental analysis:
The oil distribution remained volatile around 97.077. The focus of the oil market this week was the OPEC + meeting, which should keep the price fluctuating in the range to a certain extent until OPEC and its partners decided on the output in September. Opec+ is not even close to reaching the production target they previously set, so even if they announce a small increase in production in September, oil prices may be supported.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart: the short momentum maintains a rapid decline trend, and the medium-term and short-term downward movement trend is good. The overall bearish trend of the market may continue. The MACD index remains weak in the short area, and the RSI index is in a narrow consolidation below the 50 equilibrium line;
Long short turning point: 97.831
Pressing position: 99.148, 100.401
Support position: 95.922, 94.950
Trading strategy: bearish below 97.831, target 95.922, 94.950
Alternative strategy: bullish above 97.831, target 99.148, 100.401
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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