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UKOil: highs and sharp falls
2023-01-19
874
Fundamental analysis:
Brent oil remained volatile around 84.532, the world's largest oil importer China's fuel demand will recover and Russia's potential supply reduction may lead to a rapid tightening of the market.
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 sharply, and the short-term decline may continue. The market as a whole is in the short-term area and is in a rapid downward trend. The MACD indicator is in the long-term area and begins to move downward. The RSI indicator is in the long-term area and retreats to near the 50 balance line wandering;
Long-short turning point: 84.782
Suppression: 85.513, 86.155
Support: 83.855, 83.178
Trading strategy: bearish below 84.782, target 83.855, 83.178
Alternative strategy: call above 84.782, target 85.513, 86.155
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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