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UKOil: Shock down
2023-02-17
842
Fundamental analysis:
Brent oil remained volatile around 84.706. The International Energy Agency (IEA) said that oil demand will increase by 2 million barrels per day in 2023, an increase of 100,000 barrels per day from last month's forecast, of which China will account for 900,000 barrels per day. Total global demand will hit a record 101.9 million barrels per day.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics are oscillating and retracing, the market's short-selling sentiment is slowly emerging, and there are signs of continued downward movement in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is under the 50 balance line.
Long-short turning point: 84.928
Suppression: 85.499, 85.975
Support: 84.240, 83.786
Trading strategy: bearish below 84.928, target 84.240, 83.786
Alternative strategy: call above 84.928, target 85.499, 85.975
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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