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UKOil: short-term sharp drop

Fundamental analysis:

Brent oil remained volatile around 84.501, and China, the world's largest crude importer, is drawing on record inventories accumulated earlier this year, as the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+) cut supply, pushing global oil prices higher, Refiners cut purchases.

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

Brief technical analysis:

Looking at the 4-hour chart: short-term short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, and there are signs of continued downward movement in the short term. The MACD indicator is hovering around the 0 axis, and the RSI indicator is finishing near the 50 balance line;

Resistance levels: 84.925 85.265

Support: 84.148 83.840

Trading strategy: bearish below 84.595, target 84.148 83.840
Alternative strategies: call above 84.595, target 84.925 85.265

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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