UKOIL: Weakness in oil distribution at a glance

A brief analysis of the fundamentals:

Recently, energy-saving measures have been introduced frequently in European countries. In Germany, many large shopping malls stopped running escalators, and customers could only climb the stairs to browse the mall. German politician Kreichmann even suggested that people only heat one room in their home when it is cold, give up bathing with hot water, and it is better to wipe themselves with a wet towel instead of showering. And such advice has been echoed, with 62% of Germans already starting to take less baths.

UK crude oil UKOIL 4-hour chart

A brief technical analysis:

From the 4-hour chart, the short-term price continues to be weak, the medium-term graphic structure is weak, the MACD volume energy column is slightly under the 0-axis, the RSI is weak, and the short-term oil price rebound has a high probability of falling again.

Long-short turning point: 99.00

Resistance: 105.00 112.50

Support: 92.00 85.00

Trading strategy: Bearish below 99.00, target 92.00, 85.00

Alternative strategy: bullish above 99.00, target 105.00, 112.50