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UKOil: recovery from lows

Fundamental analysis:

Brent oil remained volatile around 80.221, Brent and U.S. crude oil futures both fell for the second consecutive week, Brent crude oil recorded a fourth consecutive monthly decline, as disappointing U.S. economic data and interest rate uncertainty affected demand outlook.

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

Brief technical analysis:

Looking at the 4-hour chart: the low-level bullish momentum remains volatile and rising, short-term bullish sentiment emerges, the market bullish momentum maintains a strong pull-up, the MACD indicator is in the bearish area and maintains a shock upward movement, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 80.767 81.372

Support levels: 79.292 78.702

Trading strategy: Bullish above 79.878, target 80.767 81.372
Alternative strategy: bearish below 79.878, target 79.292 78.702

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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