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UKOil: high downside
2022-12-29
884
Fundamental analysis:
Oil prices fluctuate around 83.722. Russia's oil production accounts for 10% of the world's total. The country has implemented tax breaks for new oil fields to support production and generate revenue for the state budget. Russia will be forced to cut oil output due to Western sanctions, and mature oil fields not enjoying tax breaks may bear the brunt of the cuts to cushion producers' losses.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term dynamics fluctuate downward, the short-term decline continues, the market is shrouded in bearish sentiment, the MACD indicator is in the bullish area, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Long-short turning point: 84.030
Suppression: 84.756, 85.443
Support: 83.010, 82.245
Trading strategy: bearish below 84.030, target 83.010, 82.245
Alternative strategy: call above 84.030, target 84.756, 85.443
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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