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Ukoil: low shock pull up

2022-08-10
1223
Fundamental analysis:

The oil distribution remained fluctuating around 96.309, as concerns that the economic slowdown might reduce demand and the news that the oil pipeline from Russia to Europe Druzhba via Ukraine suspended some oil exports affected the market.




Oil distribution ukoil - 4-hour K-line diagram shows:



Technical analysis:


According to the 4-hour chart, the power of low bulls kept rising, the short-term bullish sentiment continued, the MACD index kept moving up in the short area, and the RSI index was in a weak position near the 50 equilibrium line;


Long and short turning point: 95.594


Pressing position: 97.376, 98.445


Support position: 94.443, 93.429


Trading strategy: bullish above 95.594, target 97.376, 98.445


Alternative strategy: bearish below 95.594, target 94.443, 93.429

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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