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UKOIL: Waiting for rebound short selling
2022-10-26
1133
Basic analysis:
Government data showed that China's crude oil imports in September decreased by 2% compared with the same period last year, and business activities in the euro area, the United Kingdom and the United States shrank in October. It is estimated that the stock of crude oil in the United States increased by 1 million barrels last week, which may limit the increase of oil prices.
UKOIL 4-Hour Chart
Technical analysis:
The daily chart shows that the short-term price is slightly narrow, the short-term graphic structure is neutral and strong, 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
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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