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UKOil: high volatility
2023-04-05
921
Fundamental analysis:
Brent oil remained volatile around 85.270. The administration led by U.S. President Biden has repeatedly criticized OPEC+ production cuts, saying it has an inflationary impact on households and accusing it of having close ties to sanctioned Russia. Restricted production reduces supply and raises oil prices in importing countries, pushing up headline inflation figures.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: High short-term volatility, market bullish sentiment remains, short-term entanglement highs continue to hover, MACD indicator is in the high level of the long zone, RSI indicator is in the high level of the long zone;
Resistance: 86.057 86.830
Support levels: 83.800 82.877
Trading strategy: Bullish above 84.721, target 86.057 86.830
Alternative strategy: bearish below 84.721, target 83.800 82.877
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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