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UKOil: High level vibration
2022-11-08
1033
Fundamental analysis:
Oil distribution remained volatile around 97.969, and the market was still coping with the signs of weak demand brought by high oil prices and poor economic prospects in developed markets. It is estimated that the global demand in the fourth quarter of 2022 will grow by only 600000 barrels/day compared with the same period last year, and will slow down next year.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the bullish momentum moves up strongly and then shocks. The bullish sentiment of the market starts to weaken. The MACD index is at the high level of the bullish region and the RSI index is at the 50 balanced online side;
Empty turning point: 98.204
Pressing: 98.740, 98.421
Support: 97.359, 96.797
Trading strategy: 98.204 lower bearish, 97.359 and 96.797 targets
Alternative strategy: 98.204 upside bullish, 98.740 and 98.421 targets
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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