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UKOil: up high
2023-05-24
841
Fundamental analysis:
Brent oil remained volatile around 77.672, as investors focused on negotiations to raise the debt ceiling in the United States, the world's largest oil consumer. A potential U.S. default could trigger chaos in financial markets and a spike in interest rates, which could affect fuel demand growth in the country and globally.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bulls have a strong shock and rise, short-term bullish sentiment is shrouded, the market bulls are constantly rising, the MACD indicator is hovering weakly on the upper side of the 0 axis, and the RSI indicator is weaker on the side of the 50 balance line;
Resistance levels: 77.980 78.353
Support: 76.908 76.388
Trading strategy: Bullish above 77.429, target 77.980 78.353
Alternative strategy: bearish below 77.429, target 76.908 76.388
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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