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UKOil: low down
2023-03-19
726
Fundamental analysis:
Brent oil remained volatile around 72.490, benefiting from expectations of a recovery in Chinese demand. But oil was set for its biggest weekly drop since the week of Dec. 9 last year as the banking crisis hit global financial and oil markets.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum is fluctuating downward at a low level, the short-term decline continues again, the market is shrouded in bearish sentiment, the MACD indicator is oscillating at a low level in the bearish area, and the RSI indicator is finishing below the 50 balance line;
Resistance levels: 73.798 74.629
Support levels: 71.707 70.926
Trading strategy: bearish below 72.939, target 71.707 70.926
Alternative strategy: call above 72.939, target 73.798 74.629
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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