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UKOil: Bears sink

2023-01-30
817
Fundamental analysis:

Brent oil remained volatile around 86.624, and the European Union's ban on Russian refined oil products will take effect on February 5, which will depress crude oil production and may support the rise in oil prices. The market expects Russian output to fall below 9 million bpd in 2023 from about 10 million bpd last year.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum has fallen rapidly, and the market is shrouded in short-term sentiment. In the short term, it may continue to move down strongly. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;

Long-short turning point: 86.937

Suppression: 87.528, 87.994
Support: 86.078, 85.523

Trading strategy: bearish below 86.937, target 86.078, 85.523
Alternative strategy: call above 86.937, target 87.528, 87.994

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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