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UKOil: The short sellers fell sharply
2022-11-09
1073
Fundamental analysis:
The oil distribution remained volatile around 95.183, and the initial margin of ICE Brent crude oil futures in the near month increased by 4.92%, effective from the closing of Tuesday. The margin of Brent crude oil futures in January increased to 9.81 dollars from 9.35 dollars a barrel previously. These changes will be reflected in the margin call notice on November 9.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that market bearish sentiment emerges, the high level drops rapidly, and the short-term decline may continue. The MACD indicator keeps moving downward in the long area, and the RSI indicator is at the lower side of the 50 equilibrium line;
Empty turning point: 95.320
Pressing: 95.914, 96.588
Support: 94.662, 94.100
Trading strategy: bearish at 95.320, target 94.662, 94.100
Alternative strategy: bullish above 95.320, with goals of 95.914 and 96.588
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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