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UKOil: Bears plunge
2022-12-06
979
Fundamental analysis:
Brent oil remained volatile around 83.060, and the market's concerns about the G7-led plan to limit Russia's oil supply eased. The price ceiling of $60 a barrel is close to Russia's current oil sales price. At the same time, the European Union has softened the proposal that "once found to have violated the price-limiting agreement, the companies involved will be permanently banned".
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market’s short-term sentiment is good, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 83.613
Suppression: 84.382, 85.220
Support: 82.165, 81.305
Trading strategy: bearish below 83.613, target 82.165, 81.305
Alternative strategy: Bullish above 83.613, target 84.382, 85.220
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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