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UKOil: Low level vibration

Fundamental analysis:

The oil distribution remained volatile around 93.325. Since December 5, the EU will ban the import of most Russian oil and prohibit relevant companies from providing insurance and financing for Russian oil anywhere in the world; On February 5 next year, the EU will extend the embargo to diesel, gasoline and other petroleum products.

Oil distribution UKOil – 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that the low position moves down again after a short-term sharp rise. The short position sentiment of the market remains unchanged, and the short-term decline may continue. The MACD indicator remains in the short position area, and the RSI indicator stays in the weak position below the 50 equilibrium line;

Empty turning point: 93.477

Pressing: 93.978, 94.449

Support: 92.839, 92.275

Trading strategy: 93.477 lower bearish, with 92.839 and 92.275 targets

Alternative strategy: bullish above 93.477, target 93.978, 94.449

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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