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Ukoil: empty test near 105
2022-07-26
1238
Basic analysis:
OPEC has repeatedly said that it is not in a hurry to use idle capacity to increase global supply and drive down oil prices. One reason is the oil price itself: Saudi Arabia has raised oil prices for Asian buyers for several months because of its ability to do so. Another reason is the limited idle capacity.
Ukoil 4-hour chart of UK crude oil
Technical analysis:
According to the 4-hour chart, the short-term price continued to rebound, the medium-term graphic structure was still weak, and the trend line was broken. The MACD energy column continued to shrink on the 0 axis, RSI fell slightly, and the downward probability of short-term oil price rebound was high.
Long short turning point: 109.00
Resistance level: 116.00 125.00
Support position: 100.00 90.00
Trading strategy: bearish below 109.00, target 100.00, 90.00
Alternative strategy: bullish above 109.00, target 116.00, 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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