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UKOIL: Bulls continue to counterattack
2022-09-30
1210
A brief analysis of the fundamentals:
Major OPEC+ members have started discussions on announcing output cuts at their next meeting on Oct. 5, three sources told Reuters. Reuters reported this week that Russia may propose OPEC+ to cut oil output by about 1 million barrels per day.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the daily chart: short-term prices continue to rebound quickly and slightly, the short-term graphic structure is slightly improved, the MACD volume energy column begins to shrink below the 0-axis, RSI begins to turn heads, and the short-term oil price oversold and rebound demand still exists.
Long-short turning point: 99.00
Resistance: 105.00 112.50
Support: 92.00 85.00
Trading strategy: Bearish below 99.00, target 92.00, 85.00
Alternative strategy: bullish above 99.00, target 105.00, 112.50
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