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UKOil: shock up
2023-05-16
872
Fundamental analysis:
Brent oil remained volatile around 75.412, and the leaders of the Group of Seven (G7) countries may announce new measures for third countries involved in evading sanctions against Russia at the May 19-21 meeting. The measures would also seek to disrupt future Russian energy production and curb trade that supports the Russian military.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the bullish momentum in the market continues, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 75.886 76.436
Support levels: 74.542 74.043
Trading strategy: Bullish above 75.110, target 75.886 76.436
Alternative strategy: bearish below 75.110, target 74.542 74.043
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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