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UKOil: bear moves down
2022-11-18
1122
Fundamental analysis:
The oil distribution remained volatile near 89.953. After NATO removed the suspicion of Russia's missile attack on Poland, the price of crude oil fell. It seems that Russia did not escalate the war, which temporarily eliminated some short-term supply risks in the energy market.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the short position momentum maintains a narrow range of consolidation and continues to move downward. The short-term decline may continue. The short position situation in the market is good. The MACD indicator is in the short position area and moves downward. The RSI indicator is in the short position area below the 50 equilibrium line;
Empty turning point: 90.311
Pressing: 91.005, 91.774
Support: 89.351, 88.820
Trading strategy: 90.311 bearish, 89.351 and 88.820 targets
Alternative strategy: 90.311 is bullish, and the targets are 91.005 and 91.774
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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