UKOIL has indeed been quite volatile recently. On one hand, OPEC+ production cuts continue to be implemented, coupled with uncertainties in the Middle East situation, all supporting oil prices; but on the other hand, the global economic recovery momentum is clearly insufficient, which dampens crude oil demand expectations. US and European crude oil inventories are accumulating unexpectedly one after another, creating obvious bearish pressure.

From a technical perspective, the hourly Bollinger Bands are opening downward, forming a wide-range oscillation zone, with prices moving near the lower band, indicating a clear bearish trend. The short-term moving averages MA5 and MA10 are arranged in a bearish alignment, with prices consistently below the moving average system, reinforcing the strong downward trend.

In terms of trading strategy, consider entering around the 62.1 level. This is the lower boundary of the previous consolidation range, which, once broken, forms a clear resistance level. Multiple rebounds on the hourly chart have failed to break through effectively, signaling a clear shorting opportunity. A rebound to 62.5 can be used to add positions, as this level is the resistance of MA10 and is below the middle line of the Bollinger Bands, indicating a secondary resistance during a weak rebound. The support level is at 62.8, where the upper Bollinger Band and MA20 converge, creating resonance pressure. A successful break above this level could break the hourly bearish structure, so caution is needed for a trend reversal.

The target range is 61.3-60.9. Of course, this is just my personal view; keep a close eye on the USD index fluctuations and EIA inventory data.