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UKOil: high volatility

Fundamental analysis:

Brent oil maintains shock around 85.260. Barclays: In 2024, due to the significant tightening of balance estimates, the Brent crude oil forecast will be raised by US$8/barrel to US$97/barrel, and the Brent crude oil forecast in 2023 will be lowered by US$3/barrel. to $84/barrel. The 2023 Brent crude oil forecast is lowered by US$3/barrel to US$84/barrel, mainly due to the impact of mark-to-market, and the forecast for the fourth quarter of 23 remains unchanged at US$92/barrel.

UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high level remains volatile in the short term, the market's bullish sentiment remains, and there is a continued upward movement in the short term. The MACD indicator is in the bullish zone and maintains consolidation, and the RSI indicator is hovering weakly above the 50 equilibrium line;

Resistance level: 85.620 85.958

Support level: 84.804 84.502

Trading strategy: Bullish above 85.123, target 85.620 85.958
Alternative strategy: bearish below 85.123, target 84.804 84.502

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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