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UKOIL: Patiently waiting for a rebound
2022-06-21
1285
A brief analysis of the fundamentals:
Brent crude futures were up 0.9 percent at $114.13 a barrel, having hit their lowest in a month during the session. Biden previously said a U.S. recession was not "inevitable". It's important to note that traders are still pondering whether aggressive monetary policy tightening will shrink the economy and curb consumption.
UK crude oil 4-hour chart
A brief technical analysis:
From the 4-hour chart: the short-term exchange rate moves from the lower Bollinger rail to the middle rail, the Bollinger indicator diverges and moves down, the MACD volume energy column accelerates the heavy volume, the RSI rises slightly, and the probability of weakening again after rebounding within the day 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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