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Ukoil: bulls keep going up

Fundamental analysis:

The oil distribution remained around 94.293, and the resistance caused by the further slowdown of global economic activities lingered, which may still lead some people to have reservations about the more sustained rebound of oil prices. Although the western energy sanctions against Russia will further tighten the supply, the outlook for global fuel demand has darkened, limiting the rise of oil prices.

Oil distribution ukoil - 4-hour K-line diagram shows:

Technical analysis:

According to the 4-hour chart, the power of low-level bulls keeps surging upward, the short-term bulls continue to move upward, the MACD index hovers on the upper side of the 0 axis, and the RSI index is in the narrow range of the 50 equilibrium line;

Long short turning point: 93.865

Pressing position: 95.404, 96.533

Support position: 92.736, 91.607

Trading strategy: bullish above 93.865, target 95.404, 96.533

Alternative strategy: bearish below 93.865, target 92.736, 91.607

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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