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UKOIL: Continue short after rebound
2022-11-21
1139
Basic analysis:
With the increase of COVID-19 cases in some parts of Asia and the tightening of monetary policies by central banks, oil futures prices are at the lowest level since September. The deterioration of the physical crude oil market has also put pressure on oil prices. Against the background of rising speculative long positions, crude oil prices fell below several key moving averages, triggering a technical sell-off.
UKOILDaily Chart
Technical analysis:
From the daily chart, we can see that the short-term price has accelerated to decline, the short-term graphic structure has declined, the MACD capacity column has been extended downward on the 0 axis, and the RSI has continued to decline. The short-term oil price has further rebounded to attack the demand, and the medium-term is still rolling short.
Empty turning point: 99.00
Resistance level: 105.00 112.50
Support position: 92.00 85.00
Trading strategy: bearish under 99.00, target 92.00, 85.00
Alternative strategy: bullish above 99.00, target 105.00, 112.50
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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