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UKOil: Fluctuating at high levels

2023-09-10
673
Fundamental analysis:

Brent oil remained volatile around 90.377. Due to Saudi Arabia's supply restrictions, the market expects that oil prices will remain at a high of $90 per barrel for the time being. There are few signs that oil prices will move lower, and concerns about a stagflation trend of low growth and high inflation are expected to support the dollar.

UKOil - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The high level remains volatile in the short term. Although the bullish momentum in the market has weakened, it is still in a high and volatile trend. The MACD indicator is in the bullish zone and maintains consolidation, and the RSI indicator is hovering weakly at the 50 equilibrium line;

Resistance level: 90.952 91.495

Support level: 89.926 88.983

Trading strategy: Bullish above 90.086, target 90.952 91.495
Alternative strategy: bearish below 90.086, target 89.926 88.983

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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