UKOil: Rapid ascent

Fundamental analysis:

The oil distribution remained volatile around 93.432. In October, the annual rate of added value of China's industries above designated size declined, and the annual rate of total retail sales of consumer goods unexpectedly contracted, which is the latest sign of weak prospects for global energy demand. OPEC has lowered the forecast of global oil demand growth in 2022 for the fifth time since April, because of the increasingly severe economic challenges such as high inflation and rising interest rates.

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

Technical analysis:

The 4-hour chart shows that the low bulls' power has risen rapidly, the short-term bulls' power has continued to rise, and the market bulls' sentiment has emerged. MACD indicators are sorted out in the short regions, and RSI indicators are hovering around the 50 equilibrium line;

Empty turning point: 93.432

Pressing: 94.160, 94.707

Support: 92.926, 92.505

Trading strategy: bullish above 93.432, target 94.160, 94.707

Alternative strategy: 93.432 lower bearish, 92.926 and 92.505 targets