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UKOil: Weak shock

Fundamental analysis:

Brent oil remained volatile around 79.349. Investors remained cautious amid mixed economic signals. Brent crude has been tracking the broader market in recent sessions, with a slew of economic data adding more uncertainty to the outlook.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart: the short position in the market continued to fluctuate and then fluctuated at a low level within a narrow range. Although the short-term bullish sentiment showed signs of entering the market, it was still in a low level and maintained a volatile trend. The lower side hovers weakly;

Resistance levels: 80.521 81.183

Support levels: 78.702 78.120

Trading strategy: bearish below 79.878, target 78.702 78.120
Alternative strategy: call above 79.878, target 80.521 81.183

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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