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UKOil: hovering high
2023-04-04
1013
Fundamental analysis:
Brent crude oil remained volatile around 84.8, and Brent crude oil fell to $70 a barrel last month, the lowest level in 15 months, due to concerns that the global banking crisis and central bank interest rate hikes will hit demand, although OPEC oil prices fell in March. Production fell due to field maintenance in Angola and a halt to some exports from Iraq.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the high gap and high opening, the market as a whole is hovering at a high level for a short period of time, and the bullish momentum may continue. The MACD indicator is hovering at a high level in the bullish area, and the RSI indicator is hovering near the 80 balance line in the overbought zone;
Resistance levels: 85.635 86.341
Support levels: 83.644 82.877
Trading strategy: Bullish above 84.412, target 85.635 86.341
Alternative strategy: bearish below 84.412, target 83.644 82.877
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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