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UKOIL: Go short below 117
2022-06-22
1244
A brief analysis of the fundamentals:
Global oil investment will stagnate and may even decline this year as producers grapple with soaring inflation and price volatility stemming from the Russian-Ukrainian conflict; rising energy project costs and supply chain issues making equipment purchases more difficult could hamper Spending; investment will fall below 2019's $441 billion for third straight year, jeopardizing future energy security
UK crude oil 4-hour chart
A brief technical analysis:
Looking at the 4-hour chart: The short-term exchange rate has moved from the lower Bollinger rail to the middle rail. It has repeatedly touched the middle rail to no avail. The Bollinger indicator has diverged and moved down. The probability of weakening 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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