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UKOil: Bulls on the rise

2023-09-13
613
Fundamental analysis:

Brent oil remains volatile around 91.981. Hedge funds are pouring back into the oil market with the largest number of bullish bets in more than a year. In the coming months, consumer demand for oil is stronger than expected and industrial demand is weaker than expected. The pattern of stronger than expected oil demand may continue. Go down. Although volatility in oil prices remains low, activity has been high, with Brent trading volume up 23% year-on-year in the past week and open interest up 19% year-on-year.

UKOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The high bull momentum continues to rise, short-term bull sentiment emerges, the market bulls continue to rise, the MACD indicator is in the bull zone and maintains consolidation, and the RSI indicator is in the bull zone and continues to fluctuate;

Resistance level: 91.475 92.900

Support level: 91.106 90.449

Trading strategy: Bullish above 91.646, target 91.475 92.900
Alternative strategy: bearish below 91.646, target 91.106 90.449

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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