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UKOil: high downside
2023-04-18
912
Fundamental analysis:
Brent oil remained volatile around 84.795. Despite the EU's ban on seaborne imports and the United States taking the lead in implementing a price cap policy, Russia's oil exports in March reached the highest level since April 2020 due to strong flows of oil products.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: The high-level short-term dynamic shock moves downward, and the short-term decline may continue. The market as a whole is in a high-level and short-term trend. The MACD indicator is in the bullish area and slowly moves down to the 0 axis. The RSI indicator is below the 50 balance line Weak side arrangement;
Resistance levels: 85.915 86.701
Support levels: 84.168 83.475
Trading strategy: bearish below 85.092, target 84.168 83.475
Alternative strategies: call above 85.092, target 85.915 86.701
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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