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UKOil: high retracement

2023-05-21
897
Fundamental analysis:

Brent oil remained volatile around 75.762, and U.S. commercial crude oil inventories rose sharply for the second consecutive week due to weak U.S. manufacturing demand. The U.S. manufacturing sector has contracted for six consecutive months. Some market watchers are skeptical that OPEC will consider another production cut.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum has fallen rapidly, and the short-term decline may continue. The market as a whole is in a bearish trend. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 76.471 76.922

Support levels: 75.268 74.774

Trading strategy: bearish below 75.964, target 75.268 74.774
Alternative strategy: call above 75.964, target 76.471 76.922

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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