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UKOil: Tidy up move
2023-03-31
973
Fundamental analysis:
Brent oil remained volatile around 74.317, and Russian crude oil production cuts were lower than the target, alleviating supply concerns. Russian crude production fell by about 300,000 bpd in the first three weeks of March, below the previously set cut target of 500,000 bpd, the sources said.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum of the bulls is slowly rising, the market is still bullish, the bulls in the market are constantly pulling up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line.
Resistance levels: 79.135 79.973
Support levels: 77.531 76.791
Trading strategy: Bullish above 78.370, target 79.135 79.973
Alternative strategy: bearish below 78.370, target 77.531 76.791
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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