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UKOil: low down
2023-05-04
871
Fundamental analysis:
Brent oil remained volatile around 71.885. The EIA strategic oil reserve inventory in the United States for the week to April 28 was the lowest since the week of October 14, 1983, and the largest drop since the week of December 30, 2022.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish area and continues to decline, and the RSI indicator is hovering near the 15 balance line in the oversold area at the bottom of the bearish area;
Resistance levels: 73.281 74.291
Support: 70.999 70.040
Trading strategy: bearish below 72.388, target 70.999 70.040
Alternative strategy: call above 72.388, target 73.281 74.291
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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