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UKOil: Bears move down
2023-05-12
859
Fundamental analysis:
Brent crude oil prices have managed to get out of the previous oversold state, but the new rally has stalled because it has been restrained by the unresolved (global) banking panic.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is slowly moving downward, the short-term decline may continue, the market's short-term sentiment is gradually emerging, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance levels: 76.533 77.252
Support levels: 74.704 73.964
Trading strategy: bearish below 75.750, target 74.704 73.964
Alternative strategy: call above 75.750, target 76.533 77.252
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