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UKOil: hovering low

2022-11-25
455
Fundamental analysis:
Brent oil remained volatile around 85.375. The European Commission's proposal to cap the price of natural gas at 275 euros per megawatt hour two days ago is not effective enough. If no adjustment is made, Belgium will not agree to the plan.


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


A brief technical analysis:
From the 4-hour chart: low and short-term weak hovering, the market as a whole is in a weak position, the MACD indicator is in the bearish area, and the RSI indicator is in a weak and narrow range below the 50 equilibrium line;
Long-short turning point: 85.250
Suppression: 86.667, 87.827
Support: 83.543, 82.319
Trading strategy: bullish above 85.250, target 86.667, 87.827
Alternative strategy: bearish below 85.250, target 83.543, 82.319

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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