Brent oil remained volatile around 84.630. Morgan Stanley expects Brent crude oil prices to be well supported around $80 a barrel. Crude oil may remain in short supply for the rest of this year before returning to a small surplus in early 2024.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls keeps oscillating upwards, the short-term bulls keep moving upwards, the market bullish sentiment continues, the MACD indicator keeps oscillating and moves up to the upper side of the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;
Resistance levels: 85.035 85.398
Support levels: 84.049 83.663
Trading strategy: Bullish above 84.400, target 85.035 85.398
Alternative strategy: bearish below 84.400, target 84.049 83.663