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UKOil: shock down

2023-04-19

939

UKOil

Fundamental analysis:

Oil prices fluctuated around 84.761 as the Iraqi federal government and the semi-autonomous government of the Kurdistan region resolved the technical issues necessary to resume oil exports from northern Iraq to international markets from the Turkish port of Ceyhan. Commercial crude stockpiles rose slightly as the U.S. released oil from emergency reserves.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum maintains shocks and moves downward, and the short-term decline may continue. The high-level short-term sentiment in the market has gradually increased. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line. Weak consolidation;

Resistance levels: 85.915 86.701

Support levels: 84.168 83.475

Trading strategy: bearish below 85.092, target 84.168 83.475

Alternative strategies: call above 85.092, target 85.915 86.701

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UKOil: shock down

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