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UKOil: Fluctuating at high levels

Fundamental analysis:

Brent oil remains volatile around 88.926. In the Brent crude oil market, the rise in oil prices has exceeded the recent peak, indicating that it is about to move towards the $90 level. The influence of OPEC and technical indicators such as bullish flags have added layers of complexity to the market trajectory. Whether choosing to buy on dips or anticipating further gains, staying on top of market developments is crucial to capitalizing on potential opportunities.

UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: After the bullish momentum rose strongly, it fluctuated in a narrow range at high levels. The bullish sentiment in the market has continued to move upward in the short term. The MACD indicator is consolidating at a high level in the bullish zone, and the RSI indicator is hovering at a high level;

Resistance level: 89.308 89.654

Support level: 88.395 88.006

Trading strategy: Bullish above 88.744, target 89.308 89.654
Alternative strategy: bearish below 88.744, target 88.395 88.006

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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