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UKOIL: oil distribution continues to be strong

2022-08-28
916
A brief analysis of the fundamentals:

Commerzbank wrote in a note: “The impression remains that Saudi Arabia is unwilling to tolerate any price drop below $90. Speculators can see this as an invitation to bet on further price increases without worrying about any steeper declines

UK crude oil UKOIL 4-hour chart


A brief technical analysis:

From the 4-hour chart, the short-term price is wide and wide, the medium-term graphic structure is neutral, the MACD volume and energy column 0-axis slightly shrinks, the RSI has no obvious direction, and the short-term oil price is more likely to be adjusted in a narrow range.

Long-short turning point: 101.10

Resistance: 107.55 114.77

Support: 94.40 87.00

Trading Strategy: Bearish below 101.10, target 94.40, 87.00

Alternative strategy: bullish above 101.10, target 107.55, 114.77

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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