UKOil: Short sellers go down again

Fundamental analysis:

The oil distribution remained volatile around 90.762. Since the beginning of August, the price of Brent crude oil has been below 100 dollars/barrel for most of the time. Any attempt to climb has failed. The upcoming economic recession in the United States and Europe, as well as concerns about the new epidemic, have put pressure on prices. Oil demand, which has been quite strong so far, may lose its momentum of growth. It is estimated that the price of Brent crude oil will be 90 dollars/barrel by the end of 2022.

Oil distribution UKOil – 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that low short-term short positions maintain range shocks and begin to move downward again. The overall downward trend of the market has good momentum. The MACD index hovers under the 0 axis and the RSI index is narrow under the 50 equilibrium line;

Empty turning point: 91.094

Pressing position: 92.257, 93.420

Support position: 89.726, 88.700

Trading strategy: 91.094 lower bearish, target 89.726, 88.700

Alternative strategy: bullish above 91.094, with 92.257 and 93.420 targets