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UKOil: shock up
2023-04-12
901
Fundamental analysis:
Brent oil remained volatile around 85.513. After OPEC+ announced production cuts, the bank lowered its oil price target. It believes that OPEC's latest move may be an acknowledgment by the largest oil producer that demand may not be very good in the next few months.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows: high short-term narrow range shocks, market bulls slowly fluctuate upwards, and will continue to maintain high range shocks in the short term, MACD indicator is in the bullish area, slowly descending and flattening, RSI indicator is hovering above the 50 balance line;
Resistance: 86.082 86.705
Support levels: 84.436 83.788
Trading strategy: Bullish above 85.159, target 86.082 86.705
Alternative strategy: bearish below 85.159, target 84.436 83.788
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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