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UKOil: Move up high

2023-01-20
521
Fundamental analysis:

Brent oil remained volatile around 86.165, EIA report: U.S. domestic crude oil production remained unchanged at 12.20 million barrels per day in the week of January 13, and the United States imported 6.861 million barrels per day of commercial crude oil excluding strategic reserves, an increase of 511,000 from the previous week barrel/day.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum is strongly pulled up, the bullish sentiment in the market is emerging again, the short-term bullish market continues, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in a narrow range above the 50 balance line;

Long-short turning point: 85.816

Suppression: 86.779, 87.367
Support: 85.121, 84.497

Trading strategy: Bullish above 85.816, target 86.779, 87.367
Alternative strategy: bearish below 85.816, target 85.121, 84.497

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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