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UKOil: shock up

Fundamental analysis:

Brent oil remained volatile around 85.445, the cracking price difference between naphtha and Brent crude oil remained stable at about US$34 per ton, and the market backwardation spread was reported at US$7 per ton. Naphtha prices rose $1.50 to $670 a tonne in the first half of October.

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

Brief technical analysis:

Looking at the 4-hour chart: the bulls are oscillating upwards, and after short-term maintenance and consolidation, they will continue to move upwards. The MACD indicator is in the bullish zone and the RSI indicator is hovering weakly above the 50 balance line;

Resistance levels: 85.795 86.192

Support: 84.888 84.502

Trading strategy: Bullish above 85.262, target 85.795 86.192
Alternative strategy: bearish below 85.262, target 84.888 84.502

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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