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UKOIL: Bounce or will continue
2022-09-15
1113
Basic analysis:
The oil price rose by more than 1.5% on Wednesday, as the international energy supervision agency predicted that although the demand outlook is still bleak, the switch from natural gas to oil for heating will increase due to the high price this winter.
UKOIL 4-Hour Chart
Technical analysis:
The 4-hour chart shows that the short-term prices are arranged in a wide range and capricious manner. The medium-term graph structure is neutral. The MACD capacity column is slightly shrunk on the 0 axis. The RSI arrangement is weak. There is a high probability that the short-term oil price will fall again after continuing to rebound.
Empty turning point: 99.00
Resistance level: 105.00 112.50
Support position: 92.00 85.00
Trading strategy: bearish under 99.00, target 92.00, 85.00
Alternative strategy: bullish above 99.00, target 105.00, 112.50
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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