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UKOIL: test short near 105
2022-07-18
1195
A brief analysis of the fundamentals:
The three major crude oil reports released this week believe that the current market supply is still limited, and market institutions are bullish on the long-term trend of crude oil. Investors will be closely watching the outcome of Biden's visit to the Middle East next week, as well as market hype over the prospect of the Federal Reserve raising interest rates.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart: the short-term price stopped falling and rebounded quickly. The medium-term graphic structure is still weak, and the trend line is broken. The MACD volume and energy column shrunk slightly below the 0-axis, and the RSI rose slightly. The short-term oil price continues to rebound.
Long-short turning point: 109.00
Resistance: 116.00 125.00
Support: 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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