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UKOil: bulls up

2023-05-09
592
Fundamental analysis:

Brent oil prices remained volatile around 76.575. Brent crude oil prices fell 5.3% last week due to concerns that the U.S. banking crisis will slow the economy of the world's largest oil consumer and weaken fuel demand. A healthy U.S. jobs report for April, a weaker dollar and oil Expectations that the Organization of Exporting Countries and Allies (OPEC+) will cut supply at its next meeting in June helped both markets rebound about 4 percent on Friday.

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



Brief technical analysis:

4-hour chart: The bullish momentum fluctuates upwards at a low level, and the short-term bullish sentiment remains. Although there is short-term suppression at the high level, the upward trend is good. The MACD index maintains shocks and moves up to the upper side of the 0 axis, and the RSI index is in a weak order on the side of the 50 balance line;

Resistance levels: 77.240 77.933

Support levels: 75.437 74.721

Trading strategy: bearish below 76.177, target 75.437 74.721
Alternative strategy: call above 76.177, target 77.240 77.933

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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