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UKOIL: Economic slowdown weighs on oil prices
2022-06-20
67333
A brief analysis of the fundamentals:
U.S. oil futures fell 6.8% to settle at $109.56 a barrel, the biggest drop since the end of March, and fell as much as 7.9% to 108.3 during the session. Oil prices fell on concerns that interest rate hikes by major central banks could slow the global economy and cut demand for energy.
UK crude oil 4-hour chart
A brief technical analysis:
Looking at the 4-hour chart: the short-term exchange rate continues to fall on the lower track of Bollinger, the Bollinger indicator diverges and moves down, the MACD volume energy column accelerates the heavy volume, the RSI indicator falls rapidly, and the probability of a weak intraday rebound is high.
Long-short turning point: 117.00
Resistance: 121.00 125.00
Support: 113.00 109.00
Trading strategy: Bearish below 117.00, target 113.00, 109.00
Alternative strategy: bullish above 117.00, target 121.00, 125.00
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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