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UKOil: bearish downside
2022-12-19
982
Fundamental analysis:
Brent oil remained volatile around 79.169, oil suffered a bumpy end of the year, and central banks around the world adopted a hawkish tone in their key interest rate decisions this week. The prospect of further tightening weighed on risk assets.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market bearish sentiment emerges, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 79.668
Suppression: 80.575, 81.536
Support: 78.306, 77.452
Trading strategy: bearish below 79.668, target 78.306, 77.452
Alternative strategies: call above 79.668, target 80.575, 81.536
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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