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UKOil: Bulls enter the arena strongly
2022-10-03
1134
Fundamental analysis:
The oil distribution remained volatile near 87.446. OPEC's oil production in September increased by 210000 barrels/day compared with August to 29810000 barrels/day, the highest level since April 2020.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the low position is subject to short-term wide shocks, and the bulls are waiting for the opportunity to enter. The short-term upward trend may continue, but it is still in the low position shock. The MACD index is weak around the 0 axis, and the RSI index is weak around the 50 equilibrium line;
Empty turning point: 86.924
Pressing position: 88.465, 89.476
Support position: 86.033, 85.118
Trading strategy: 86.924 upward bullish, 88.465 and 89.476 targets
Alternative strategy: bearish at 86.924, target 86.033, 85.118
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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