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UKOil: Bulls climb

Fundamental analysis:

Brent oil remained volatile around 89.985, global market risk sentiment was sluggish, and economic data from China and Europe were disappointing. Brent crude oil fell for the first time in 6 trading days, down 0.9% to $88.22 per barrel, far away from the 9 most recently touched. The monthly high was driven by expectations that the OPEC+ group of oil-producing countries will further cut production.

UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising rapidly, and the short-term bullish trend continues to rise. The market is bullish, the MACD indicator is at a high level in the bullish zone, and the RSI indicator is in the bullish zone and continues to fluctuate;

Resistance level: 90.494 91.037

Support level: 89.169 88.694

Trading strategy: Bullish above 89.662, target 90.494 91.037
Alternative strategy: bearish below 89.662, target 89.169 88.694

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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