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UKOil: shock down

Fundamental analysis:

Brent oil remained volatile around 74.171. Energy services company Baker Hughes said in a report that the number of active oil and gas rigs in the United States fell to the lowest in nearly a year this week, and the weekly drop in natural gas rigs was the largest since February 2016.

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

Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum remains volatile and downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish area and slowly moves down, and the RSI indicator is in a weak order below the 50 balance line;

Resistance levels: 75.210 75.886

Support levels: 75.536 73.010

Trading strategy: bearish below 74.514, target 75.536 73.010
Alternative strategy: call above 74.514, target 75.210 75.886

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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