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UKOil: Move up high

Fundamental analysis:

Brent oil remained volatile around 90.641, and Brent crude oil prices were close to US$90 per barrel, exacerbating concerns about slowing economic growth and continued inflation after the largest OPEC+ oil producer extended the production reduction agreement until the end of the year.

UKOil - 4-hour K-line chart shows:

Brief technical analysis:

4-hour chart: The bullish momentum fluctuates at a high level and moves upward. The short-term bullish momentum continues to rise. The market is bullish. The MACD indicator is in the bullish zone and is consolidating at a high level. The RSI indicator is in the bullish zone and is consolidating.

Resistance level: 91.037 91.495

Support level: 89.848 89.373

Trading strategy: Bullish above 90.324, target 91.037 91.495
Alternative strategy: bearish below 90.324, target 89.848 89.373

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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