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UKOil: Bears move down

Fundamental analysis:

Brent oil remained volatile around 80.633, with high U.S. crude inventories and a pick-up in the unemployment rate in February exacerbating concerns about further monetary tightening by the Fed, but the collapse of Silicon Valley Bank and New York-based Signature Bank and fears of possible contagion led to U.S. Assets were sold off, which also put downward pressure on the dollar, supporting oil prices.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains oscillating and moving downward, the short-term decline may continue, and the short-term trend will continue to decline. The MACD indicator is finishing below the 0 axis, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 81.377 81.942

Support levels: 80.104 79.633

Trading strategy: bearish below 80.874, target 80.104 79.633
Alternative strategy: call above 80.874, target 81.377 81.942

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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