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UKOil: Bulls move up

Fundamental analysis:

Brent oil remained volatile around 84.630. Morgan Stanley expects Brent crude oil prices to be well supported around $80 a barrel. Crude oil may remain in short supply for the rest of this year before returning to a small surplus in early 2024.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls keeps oscillating upwards, the short-term bulls keep moving upwards, the market bullish sentiment continues, the MACD indicator keeps oscillating and moves up to the upper side of the 0 axis, and the RSI indicator is in a weak order above the 50 balance line;

Resistance levels: 85.035 85.398

Support levels: 84.049 83.663

Trading strategy: Bullish above 84.400, target 85.035 85.398
Alternative strategy: bearish below 84.400, target 84.049 83.663

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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