UKOil: High level downlink
The oil distribution remained volatile near 94.404. Goldman Sachs is optimistic that the oil distribution is expected to return to a high of $115 in the first quarter of next year, while Citigroup is relatively pessimistic. Ed Morse, global head of bulk commodity research at Citigroup, said in an interview that although China's oil demand is expected to recover, it is still not enough to cause a sharp rise in oil prices.
Oil distribution UKOil – 4-hour K line diagram shows:
The 4-hour chart shows that the momentum of high short positions has maintained a narrow range of shocks and declines, and the short-term decline may continue. The market short positions are waiting for opportunities to move down. The MACD indicators remain narrow in the long areas and the RSI indicators remain weak near the 50 equilibrium line;
Empty turning point: 94.679
Pressing: 95.269, 95.759
Support: 93.815, 93.225
Trading strategy: bearish at 94.679, with goals of 93.815 and 93.225
Alternative strategy: bullish above 94.679, with goals of 95.269 and 95.759
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