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UKOil: high retracement
2023-03-30
951
Fundamental analysis:
Brent oil remained volatile around 78.215. In order to make up for the huge energy supply gap caused by sanctions on Russia last year, the European Union had to increase its energy dependence on the United States. According to data released by Eurostat on March 28 local time, the United States has replaced Russia as the largest crude oil supplier to the European Union.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: high short-term consolidation and retracement, the bullish momentum in the market has receded, and the bearish sentiment has gradually emerged. The MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 79.135 79.973
Support levels: 77.531 76.791
Trading strategy: bearish below 78.370, target 77.531 76.791
Alternative strategy: call above 78.370, target 79.135 79.973
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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