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UKOil: high retracement
2023-01-25
893
Fundamental analysis:
Brent oil remained volatile around 86.196. Oil prices benefited from optimism that demand may recover. Russia said that it currently does not have any conditions for Russia-Ukraine negotiations. Geopolitical tensions further supported oil prices. In the short term, attention was paid to the development of the situation between Russia and Ukraine, and oil prices remained volatile and upward View.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the high short-term consolidation, the short-term momentum entered the market and moved downward. The short-term decline has not stopped, and the market is shrouded in bearish sentiment. The MACD indicator is in the bullish zone.
Long-short turning point: 86.533
Suppression: 87.192, 87.811
Support: 85.553, 84.894
Trading strategy: bearish below 86.533, target 85.553, 84.894
Alternative strategy: call above 86.533, target 87.192, 87.811
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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