CM Trade

Download APP to receive bonus


UKOil: Fast pull up

Fundamental analysis:

Brent oil remained volatile around 77.242. Bank of America: lowered the average Brent crude price forecast to $80 a barrel in 2023. "Negative macro trends will amplify future weak demand." Maintaining the 2024 Brent crude oil price forecast at $90/bbl in the belief that OECD demand will eventually improve and OPEC+ will likely continue to "pre-emptively manage supply".

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

Brief technical analysis:

The 4-hour chart: After the short-term narrow-range consolidation and retracement, the bullish momentum quickly pulled up, and the market’s bullish sentiment was rapid. The MACD indicator hovered weakly above the 0 axis, and the RSI indicator was weakly organized above the 50 balance line;

Resistance levels: 77.933 78.676

Support levels: 76.089 75.437

Trading strategy: Bullish above 76.915, target 77.933 78.676
Alternative strategy: bearish below 76.915, target 76.089 75.437

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar