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UKOil: Bears plunge
2023-05-26
765
Fundamental analysis:
Brent oil remained volatile around 76.211. The uncertainty of the US debt ceiling negotiations made risk sentiment more cautious. Crude oil investors took a wait-and-see attitude. Coupled with the further strengthening of the dollar, oil prices paused their gains and needed to wait for further catalysts.
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, and the support has moved up in the short term, but the market as a whole is in a bearish downward sentiment. The MACD index maintains shocks and moves down to hover around the 0 axis, and the RSI index is in a weak position below the 50 balance line;
Resistance: 76.597 77.005
Support levels: 75.672 75.315
Trading strategy: bearish below 76.211, target 75.672 75.315
Alternative strategy: call above 76.211, target 76.597 77.005
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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