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UKOil: low finishing

Fundamental analysis:

Brent oil remained volatile around 83.893, and the market is currently waiting to see whether Iraq's exports through the Ceyhan oil terminal will resume, which may ease the tight supply caused by OPEC+ production cuts.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to move down, the short-term decline continues, the market is shrouded in bearish sentiment, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 84.410 84.739

Support levels: 83.561 83.253

Trading strategy: bearish below 84.060, target 83.561 83.253
Alternative strategies: call above 84.060, target 84.410 84.739

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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