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UKOil: strong pull up

2023-02-01
839
Fundamental analysis:

Brent oil remained volatile around 85.350, and the market is still paying attention to the Joint Ministerial Monitoring Committee (JMMC) meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to be held at 19:00 on February 1, Beijing time. The current production policy is expected to remain unchanged. OPEC+ agreed in October last year to cut its production target by 2 million bpd from November to the end of 2023, or about 2% of world demand.

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



Brief technical analysis:

Looking at the 4-hour chart: the low-level bullish momentum is strongly pulled up, the market is bullish, and the short-term bullish momentum continues to move upward. The MACD indicator is in the short-term area and moves upward, and the RSI indicator is hovering weakly below the 50 balance line;

Long and short turning point: 85.350

Suppression: 85.937, 86.358
Support: 85.007, 84.652

Trading strategy: Bullish above 85.350, target 85.937, 86.358
Alternative strategy: bearish below 85.350, target 85.007, 84.652

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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