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UKOil: High lift
2022-11-02
1107
Fundamental analysis:
The oil distribution remained volatile near 94.717, and the market was still worried about the global economic recession. Biden called for an increase in production, and the market was also worried about the COVID-19 epidemic in Asia. It was still necessary to guard against the downward risk of oil price shocks.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the bulls' high position is surging, and the short-term bullish sentiment continues. The early high is close at hand, and the break is imminent. The MACD index hovers on the top of the 0 axis, and the RSI index is at the 50 equilibrium line. The market is weak;
Empty turning point: 94.521
Pressing: 95.273, 95.872
Support: 93.936, 93.393
Trading strategy: bullish above 94.521, target 95.273, 95.872
Alternative strategy: 94.521 lower bearish, 93.936 and 93.393 targets
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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