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UKOil: high retracement
2023-04-14
925
Fundamental analysis:
Brent oil remained volatile around 86.326. OPEC lowered its global oil demand forecast for the rest of this year by 300,000 barrels per day. However, it raised its global oil demand forecast for the first quarter, making the global oil demand growth forecast for the whole of 2023 Basically unchanged.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics are finishing and retracing, and the market's short-term sentiment is gradually emerging. The short-term decline may continue. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;
Resistance: 87.466 88.172
Support levels: 85.541 84.804
Trading strategy: bearish below 86.671, target 85.541 84.804
Alternative strategy: call above 86.671, target 87.466 88.172
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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