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UKOil: shock retracement

2023-05-19
830
Fundamental analysis:

Brent oil remained volatile around 75.924, the United Oil Database JODI: Saudi Arabia's direct crude oil burning in March increased by 25,000 barrels per day to 354,000 barrels per day, and Saudi Arabia's crude oil inventories in March fell by 4.492 million barrels to 147.42 million barrels.

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



Brief technical analysis:

Looking at the 4-hour chart: The bullish momentum maintains the shock and moves upwards and then encounters obstacles. The market’s bearish sentiment begins to wait for an opportunity to enter the market. The short-term decline may continue. The market as a whole is in a bearish trend. The MACD indicator is on the 0 axis. Weakly hovering around the 50 balance line;

Resistance levels: 76.770 77.317

Support levels: 75.268 74.690

Trading strategy: bearish below 76.191, target 75.268 74.690
Alternative strategy: call above 76.191, target 76.770 77.317

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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