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UKOil: bulls up
2023-05-28
803
Fundamental analysis:
Brent oil remained volatile around 77.054, and market concerns about the macro economy drove oil prices higher than supply and demand fundamentals. If demand continues to grow and a deep U.S. recession is avoided, we should see higher average crude oil prices for the rest of the year. The market expects that the average price of Brent crude oil will be US$95 per barrel in the fourth quarter of this year.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and moving upwards, the short-term bullish sentiment is shrouded, the market is constantly moving upwards, the MACD indicator is hovering weakly on the upper side of the 0 axis, and the RSI indicator maintains a weak order near the 50 balance line;
Resistance: 77.396 77.830
Support levels: 76.414 76.067
Trading strategy: Bullish above 77.054, target 77.396 77.830
Alternative strategy: bearish below 77.054, target 76.414 76.067
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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