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UKOil: Finishing the upside
2023-02-21
856
Fundamental analysis:
Brent oil remained volatile around 83.842. Russia plans to cut production in March, but the degree of impact on crude oil exports is likely to be limited. The loss of Russian oil supply is less than expected, making oil prices lack upward drive on the supply side.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum keeps oscillating upwards, the short-term bullish momentum continues to emerge, the market bulls continue to pull up, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line for weak consolidation;
Long-short turning point: 83.595
Suppression: 84.181, 84.635
Support: 83.127, 82.717
Trading strategy: Bullish above 83.595, target 84.181, 84.635
Alternative strategy: bearish below 83.595, target 83.127, 82.717
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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