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UKOil: low down
2023-04-21
902
Fundamental analysis:
Brent oil remained volatile around 80.768. OPEC+ oil-producing countries announced an additional production cut of about 1.16 million barrels per day in early April, joining Russia's production reduction initiative. It is not clear whether Russia's high export volumes mean it has reduced production cuts.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bearish zone, and the RSI indicator is in the bearish zone, and the low position is weak;
Resistance levels: 81.653 82.203
Support: 80.219 79.684
Trading strategy: bearish below 81.030, target 80.219 79.684
Alternative strategy: call above 81.030, target 81.653 82.203
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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