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UKOil: High lift
2022-11-07
1031
Fundamental analysis:
The oil distribution remained volatile near 98.498. The possible damage caused by the EU's embargo on Russian oil, scheduled to start on December 5, also supported the oil price. The ban is in response to Russia's invasion of Ukraine, and will then stop Russian oil product imports in February next year. It is expected that this will limit Russia's ability to transport crude oil and products globally, which may lead to market tension.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum rose rapidly after finishing the high level, and short-term bullish sentiment emerged. The market bulls showed signs of continuing to move up. The MACD index moved up continuously in the bulls' area, and the RSI index continued to consolidate above the 50 equilibrium line;
Empty turning point: 98.204
Pressing: 99.178, 99.877
Support: 97.598, 96.991
Trading strategy: 98.204 upside bullish, target 99.178, 99.877
Alternative strategy: 98.204 lower bearish, with 97.598 and 96.991 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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