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UKOil: bottom shock

Fundamental analysis:

Brent oil remained volatile around 83.110. Due to supply uncertainty, Saudi Arabia may extend its voluntary production cut of 1 million barrels to October for the third consecutive month. The initial production cuts appear to have worked, with oil prices rising about 15% over the past month to around $86 a barrel.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has weakened, and the bullish sentiment is gradually emerging. After the short-term shocks at low levels, there are signs of reversal and upward movement. The MACD indicator is in the short-term area and maintains consolidation.

Resistance: 83.515 83.890

Support levels: 82.585 82.222

Trading strategy: Bullish above 82.948, target 83.515 83.890
Alternative strategy: bearish below 82.948, target 82.585 82.222

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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