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UKOil: hovering at high levels

Fundamental analysis:

Brent oil prices remained volatile around 90.571, while Brent crude oil prices were still hovering above US$90 per barrel, mainly supported by tightening supply after Saudi Arabia and Russia extended production cuts. Market news: Saudi Arabia has provided its entire contracted crude oil supply to at least two Asian buyers.

UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The high level remains consolidated in the short term, the bullish momentum in the market weakens, but the upward trend remains, the MACD indicator remains consolidated in the bullish zone, and the RSI indicator hovers weakly above the 50 equilibrium line;

Resistance level: 90.952 91.495

Support level: 89.526 88.983

Trading strategy: Bullish above 90.086, target 90.952 91.495
Alternative strategy: bearish below 90.086, target 89.526 88.983

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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