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UKOil: bulls up

Fundamental analysis:

Brent oil remained volatile around 83.135. The European Union, G7 countries and Australia imposed a price cap of $60 per barrel on Russian oil from December 5 last year, aiming to curb Russia's ability to fund the war in Ukraine.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, the bullish pull-up trend may continue, the MACD indicator is in the short area and moves up, and the RSI indicator is hovering weakly above the 50 balance line;

Long-short turning point: 82.951

Suppression: 83.547, 83.936
Support: 82.513, 82.076

Trading strategy: Bullish above 82.951, target 83.547, 83.936
Alternative strategy: bearish below 82.951, target 82.513, 82.076

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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