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UKOil: high volatility

2023-03-01
761
Fundamental analysis:

Brent oil remained volatile around 83.192, supported by expectations that a solid rebound in China's economy would push up fuel demand, offsetting concerns that further interest rate hikes by the Federal Reserve would drag down consumption in the world's largest economy.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the short-term bullish sentiment remains, the market as a whole is in an upward trend, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;

Long-short turning point: 82.866

Suppression: 83.437, 83.814
Support: 82.489, 82.112

Trading strategy: Bullish above 82.866, target 83.437, 83.814
Alternative strategies: bearish below 82.866, target 82.489, 82.112

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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