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UKOil: low down
2022-12-12
1037
Fundamental analysis:
Brent oil remained volatile around 76.576, the EU Russian oil embargo and Russian oil price ceiling came into effect, and OPEC+'s continuation of October's production reduction plan has not affected market supply for the time being. While U.S. crude oil inventories fell, refined oil inventories continued to increase, triggering demand concerns and negative oil prices.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level short-term momentum remains weak and moves down, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the short-selling area, and the RSI indicator is hovering in the short-selling area;
Long-short turning point: 78.827
Suppression: 77.861, 78.839
Support: 75.594, 74.726
Trading strategy: bearish below 78.827, target 75.594, 74.726
Alternative strategy: call above 78.827, target 77.861, 78.839
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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