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UKOil: Bears move down

Fundamental analysis:

Brent oil remained volatile around 82.965, amid concerns that further rate hikes by the Fed could dampen demand, and there were signs of ample supply; rising expectations for rate hikes boosted the dollar, making oil more expensive for holders of other currencies.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to decline, and it will be sorted out after being supported in the short term. The downward trend of the short position is still there. The MACD indicator is under the 0 axis for consolidation, and the RSI indicator is hovering under the 50 balance line;

Long-short turning point: 83.229

Suppression: 83.712, 84.181
Support: 82.497, 82.028

Trading strategy: bearish below 83.229, target 82.497, 82.028
Alternative strategy: Bullish above 83.229, target 83.712, 84.181

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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