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UKOIL: A strong counter attack
2022-09-29
1258
Basic analysis:
Goldman Sachs report said: "Even if we are cautious about the growth prospects... the oil market is still extremely tense, inventories and OPEC idle capacity are still close to the lowest level in history, and the supply and demand situation will soon re support prices after the end of the selling of the US strategic oil reserves and before the expected decline of Russian production later this year."
UKOIL 4-Hour Chart
Technical analysis:
The daily chart shows that the short-term price continues to rebound rapidly and slightly, the medium-term graphic structure is still declining and waiting for the correction signal, the MACD capacity column starts to shrink under the 0 axis, the RSI starts to turn around, and the short-term oil price rebound demand remains.
Empty turning point: 99.00
Resistance level: 105.00 112.50
Support position: 92.00 85.00
Trading strategy: bearish under 99.00, target 92.00, 85.00
Alternative strategy: bullish above 99.00, target 105.00, 112.50
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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