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UKOil: High level downlink

2022-11-04
584
Fundamental analysis:

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:



Technical analysis:


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

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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