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UKOil: Climbing high

Fundamental analysis:

Brent oil remains oscillating around 88.793. Under the leadership of Saudi Arabia, efficient production restrictions in producing countries will create conditions for price increases, which will allow Brent oil prices to exceed this year's high of $89.09 per barrel and rise to the average forecast for the fourth quarter. The price is US$93/barrel and may exceed US$100/barrel within the quarter.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to rise, and there is a continued upward trend in the short term. The market is bullish, the MACD indicator is rising at a high level in the bullish zone, and the RSI indicator is hovering near the high 80 equilibrium line;

Resistance levels: 89.122 89.471

Support levels: 88.256 87.874

Trading strategy: Bullish above 88.612, target 89.122 89.471
Alternative strategy: bearish below 88.612, target 88.256 87.874

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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