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UKOil: Bears move down

Fundamental analysis:

Brent oil remained volatile around 81.512. Barclays expects Brent crude oil prices to average $92 a barrel this year, lowering its previous forecast by $6 because Russian oil supplies are more resilient than previously expected.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the overall bearish sentiment in the market is shrouded, the MACD indicator is in the bearish area and moves down weakly, and the RSI indicator is in the bearish area and hovers weakly;

Resistance levels: 82.014 82.381

Support levels: 81.210 80.902

Trading strategy: bearish below 81.683, target 82.014 82.381
Alternative strategy: call above 81.683, target 81.210 80.902

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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