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UKOil: Lower Position Move Down
2022-11-24
1063
Fundamental analysis:
Oil distribution remained volatile around 84.675. China's COVID-19 and concerns about economic slowdown in major economies posed a challenge to energy demand. The radical interest rate increase of major central banks may aggravate the concern of economic slowdown and also put pressure on oil prices.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the power of short positions moves downward again, and the short-term decline may continue. The market as a whole is in a weak downward shock. The MACD indicator is in the short positions area and continues to consolidate. The RSI indicator is hovering below the 50 equilibrium line;
Empty turning point: 85.250
Pressing: 86.667, 87.827
Support: 83.543, 82.319
Trading strategy: bearish at 85.250, target 83.543, 82.319
Alternative strategy: bullish above 85.250, target 86.667, 87.827
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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