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UKOil: Long term shock
2022-11-14
1072
Fundamental analysis:
The oil distribution remained volatile near 95.925. With the intensification of the economic headwind, American oil companies recently warned that the production growth would slow down. Inflation, labor shortage and supply chain problems have exacerbated the uncertainty of the oil industry. As the market faces a difficult development path, American oil companies may remain cautious in the foreseeable future.
Oil distribution UKOil – 4-hour K line diagram shows:
Technical analysis:
The 4-hour chart shows that the low bulls are rising strongly, the market bulls are still in the mood, and the high bulls are experiencing short-term obstacles and shocks. The MACD index is in the short regions and moves up, while the RSI index is in the upper 50 equilibrium line and hovers in the weak side;
Empty turning point: 95.674
Pressing: 96.423, 96.939
Support: 95.193, 94.616
Trading strategy: bullish above 95.674, target 96.423, 96.939
Alternative strategy: bearish at 95.674, target 95.193, 94.616
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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