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UKOil: low rise

Fundamental analysis:

Brent oil remained volatile around 75.238. The slowdown in imports in Asia in April was mainly due to technical and temporary factors such as refinery maintenance, or did they indicate that the weak global economy is beginning to drag down demand in Asia, which will become more severe in May and June clear.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The low-level bullish momentum remains volatile and upward, short-term bullish sentiment emerges, the market continues to rise, the MACD indicator is in the bearish area and the shock moves upward, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance: 76.128 77.070

Support levels: 73.880 72.998

Trading strategy: Bullish above 74.769, target 76.128 77.070
Alternative strategy: bearish below 74.769, target 73.880 72.998

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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