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UKOil: long pull up and down when blocked
2022-11-23
1055
Fundamental analysis:
The oil distribution remained volatile around 88.444, rebounding overnight in New York. OPEC+was cautious about increasing production, and the decline of the US dollar offset the negative impact of demand concerns caused by the prospect of global economic recession. Western oil sanctions against Russia increase the supply side variables.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that after the strong upward movement of the low bulls' power, the short bulls' power has the sign of waiting for an opportunity to enter the market in the short term, and there is a trend of continuing to retreat downward. The MACD indicator is in the short area and moves upward, while the RSI indicator is in the weak hovering near the 50 equilibrium line;
Empty turning point: 89.019
Pressing: 90.211, 91.274
Support: 87.215, 86.184
Trading strategy: 89.019 lower bearish, target 87.215, 86.184
Alternative strategy: bullish at 89.019, target 90.211, 91.274
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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