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UKOil: Bears sink
2023-01-31
906
Fundamental analysis:
Cloth oil remained volatile around 84.392, as Russia's invasion of Ukraine is accelerating global investment in clean energy, and governments hope to strengthen energy security by increasing the share of renewable energy in the energy mix, British Petroleum (BP) expects global oil Demand will peak in the late 2020s to early 2030s.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum continues to fluctuate and fall, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuing to move downward, the MACD indicator is in the bearish zone and moves downward, and the RSI indicator is in the bearish zone.
Long and short turning point: 84.630
Suppression: 85.052, 85.487
Support: 83.953, 83.505
Trading strategy: bearish below 84.630, target 83.953, 83.505
Alternative strategy: call above 84.630, target 85.052, 85.487
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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