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UKOil: low finishing
2023-04-28
901
Fundamental analysis:
Brent oil remained volatile around 78.220, and oil prices fell nearly 4% overnight, continuing the sharp decline in the previous trading day, completely erasing all the gains recorded by OPEC+ after it unexpectedly announced an increase in production cuts earlier this month.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: After a strong fall, the short-sellers are finishing in a narrow range at low levels. The short-sellers in the market are beginning to weaken, and the bulls are showing signs of waiting for an opportunity to enter the market. The MACD indicator is hovering at a low level in the short-selling area, and the RSI indicator is in the short-selling area to maintain weak consolidation;
Resistance levels: 78.857 79.516
Support levels: 77.534 76.842
Trading strategy: Bullish above 78.270, target 78.857 79.516
Alternative strategy: bearish below 78.270, target 77.534 76.842
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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