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UKOil: Move up high

Fundamental analysis:
Brent oil remains volatile around 83.943. Russia may cut oil production by 5-7% in early 2023, by as much as 500,000-700,000 barrels per day, in response to Western oil price cap measures. Markets are closed on Monday for Christmas.

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

Brief technical analysis:
Looking at the 4-hour chart: the bulls are driven by high volatility, short-term bullish sentiment emerges, the market bulls continue to rise, the MACD indicator is in the bullish area, and the RSI indicator is on the side of the 50 balance line;
Long-short turning point: 83.649
Suppression: 84.383, 84.877
Support: 83.115, 82.581
Trading strategy: Bullish above 83.649, target 84.383, 84.877
Alternative strategy: bearish below 83.649, target 83.115, 82.581

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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