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UKOIL: Firmly short under 117

2022-06-26
1355
A brief analysis of the fundamentals:

The Organization of the Petroleum Exporting Countries and its partners, known as OPEC+, are likely to stick to plans to accelerate production increases in August in a bid to ease rising crude prices and inflationary pressures as U.S. President Joe Biden plans to visit Saudi Arabia, the sources said.

UK crude oil  4-hour chart


A brief technical analysis:

Looking at the 4-hour chart: the short-term exchange rate moves from the lower Bollinger rail to the middle rail, puncturing the middle rail, the Bollinger indicator diverges and moves upward, the MACD volume energy column is heavy, the RSI rises slightly, and the probability of weakening again after a short-term rebound is relatively high. big.

Long-short turning point: 117.00

Resistance: 121.00 125.00

Support: 113.00 109.00

Trading strategy: Bearish below 117.00, target 113.00, 109.00

Alternative strategy: bullish above 117.00, target 121.00, 125.00

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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