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UKOIL: Risk of accelerating downside
2022-08-03
1344
A brief analysis of the fundamentals:
G7 statement: Consider a blanket ban on all services capable of transporting Russian seaborne oil and petroleum products around the world unless purchased at or below prices negotiated with international partners.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart: the short-term price continues to be weak, and the rebound is difficult to achieve. The medium-term graphic structure continues to be weak, and the trend line is broken. The MACD volume energy column is slightly under the 0-axis, and the RSI is slightly weaker. Short-term oil prices continue to decline.
Long-short turning point: 109.00
Resistance: 116.00 125.00
Support: 100.00 90.00 82.00
Trading strategy: Bearish below 109.00, target 100.00, 90.00, 82.00
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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