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UKOil: High pull up

Fundamental analysis:

Brent oil remains volatile around 86.513. The growth rate of global crude oil demand in 2023 is predicted to be 2.22 million barrels per day. The non-OPEC crude oil supply is expected to be 67.16 million barrels per day in 2023, which was previously expected to be 67.11 million barrels per day. Demand for crude oil was unchanged at 29.2 million barrels per day.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to rise, the market bulls continue to emerge, the short-term bullish trend is good, the MACD indicator is in the bullish zone, and the RSI indicator is hovering at the high level in the bullish zone;

Long-short turning point: 86.295

Suppression: 86.998, 87.407
Support: 85.788, 85.216

Trading strategy: Bullish above 86.295, target 86.998, 87.407
Alternative strategy: bearish below 86.295, target 85.788, 85.216

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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