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UKOil: Bears move down

Fundamental analysis:

Brent crude oil prices have managed to get out of the previous oversold state, but the new rally has stalled because it has been restrained by the unresolved (global) banking panic.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum is slowly moving downward, the short-term decline may continue, the market's short-term sentiment is gradually emerging, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Resistance levels: 76.533 77.252

Support levels: 74.704 73.964

Trading strategy: bearish below 75.750, target 74.704 73.964
Alternative strategy: call above 75.750, target 76.533 77.252

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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