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UKOil: high finishing
2023-04-09
942
Fundamental analysis:
Brent oil remained volatile around 84.798, with both markets up nearly 6% so far this week, as the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+) unexpectedly announced a new production cut of 1.16 million barrels per day last weekend. But crude oil's rally was halted for nearly two sessions due to headwinds from weak economic data.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high level is in a narrow range, the market as a whole is fluctuating at a high level, and the short-term long-short momentum is frozen. The market has not yet given a clear direction, but it is still in a high level of volatility. The MACD indicator is in the bullish area, and the RSI indicator Hovering above the 50 balance line;
Resistance levels: 85.867 86.601
Support: 84.024 83.260
Trading strategy: bearish below 84.958, target 84.024 83.260
Alternative strategy: call above 84.958, target 85.867 86.601
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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