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UKOil: Move the high position up

2022-11-03
539
Fundamental analysis:

The oil distribution remained volatile near 95.586. As the EU strengthened sanctions against Russia, the oil market may suffer serious supply interruption. After the EU prohibits the import of oil from Russia by sea next month, the daily oil supply of Russia may be reduced by 1 million to 3 million barrels, and the oil price may rise again to $100 per barrel.



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



Technical analysis:


The 4-hour chart shows that the bulls' momentum continues to move up in shock, the short-term high is narrow, the market bulls continue to move up, the MACD indicators are maintained in the bulls' regions, and the RSI indicators are in the 50 balanced online side of the weak wandering;


Empty turning point: 95.327


Pressing: 96.105, 96.637


Support: 94.852, 94.391


Trading strategy: bullish above 95.327, target 96.105, 96.637


Alternative strategy: 95.327 bearish, 94.852 and 94.391 targets

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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