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UKOil: Slow down
2023-02-15
808
Fundamental analysis:
Brent oil remained volatile around 85.591. U.S. President Biden sold a record 180 million barrels of reserves last year in response to soaring fuel prices caused by Russia's invasion of Ukraine and a rebound in travel demand in the post-epidemic era. The DOE had considered canceling the sale for fiscal year 2023, but that would require Congressional action to change the mandate.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics maintain a narrow range and slowly decline, the market’s short-term sentiment continues, and there are signs of continued downward movement in the short term. The MACD indicator is in the bullish area and maintains a downward trend, and the RSI indicator is hovering weakly near the 50 balance line;
Long-short turning point: 85.854
Suppression: 86.499, 87.052
Support: 85.043, 84.453
Trading strategy: bearish below 85.854, target 85.043, 84.453
Alternative strategy: call above 85.854, target 86.499, 87.052
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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