UKOIL: Waiting for rebound short selling

Basic analysis:

China's crude oil import volume in September was 9.79 million barrels per day, although higher than that in August, but 2% lower than that in the same period last year. Independent refiners restrained their production under the condition of weak profits and weak demand. ANZ analysts said in a report that the recent trend of oil import recovery was shaken in September. Independent refiners failed to take advantage of the increased quota, and the continued epidemic has put pressure on demand

UKOIL 4-Hour Chart

Technical analysis:

The daily chart shows that the short-term price has rebounded slightly and strengthened, the short-term graphic structure is neutral and weak, the MACD capacity column is looming on the 0 axis, the RSI trend is flat and directionless, the short-term oil price has further rebounded demand, and the medium-term is still rolling short.

Empty turning point: 99.00

Resistance level: 105.00 112.50

Support position: 92.00 85.00

Trading strategy: bearish under 99.00, target 92.00, 85.00

Alternative strategy: bullish above 99.00, target 105.00, 112.50