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Ukoil: sell short when high firm
2022-07-29
1367
Basic analysis:
Eight sources said that although the United States called for increased supply, the opec+ alliance formed by the organization of Petroleum Exporting Countries (OPEC) and its allies will consider maintaining oil production unchanged in September when it meets next week, but may also discuss moderate production increases.
Ukoil 4-hour chart of UK crude oil
Technical analysis:
According to the 4-hour chart, the short-term price rebounded slightly and fell again. The medium-term graphic structure is still weak, and the trend line is broken. MACD energy column contracted slightly under the 0 axis, RSI weakened slightly, and the downward probability of short-term oil price rebound is large.
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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