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UKOil: Higher climb

2023-01-03
623
Fundamental analysis:
Brent oil remained volatile around 85.694. Affected by the situation in Russia and Ukraine in February this year, oil prices showed an upward trend in the first two quarters, reaching as high as 138.02 US dollars per barrel, and gradually fell back in the next two quarters. The annual cumulative increase of 0.10%.

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



Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term momentum maintains a shock and then rises rapidly. After breaking through the previous high in the short term, there are signs of continued upward movement. The MACD indicator is hovering weakly on the upper side of the 0 axis, and the RSI indicator is weaker on the upper side of the 50 balance line;
Long-short turning point: 85.302
Suppression: 86.309, 86.944
Support: 84.657, 83.972
Trading strategy: Bullish above 85.302, target 86.309, 86.944
Alternative strategy: bearish below 85.302, target 84.657, 83.972

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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