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Ukoil: low shock down

Fundamental analysis:

Oil distribution remained volatile around 92.879, and the prospect that more interest rate hikes and covid-19 lockdown measures would weaken fuel demand reignited market concern, reversing the two-day rise brought by OPEC +'s first production reduction target since 2020.

Oil distribution ukoil - 4-hour K-line diagram shows:

Technical analysis:

According to the 4-hour chart, the market is shrouded in short sentiment. Although the low level is moving upward, the long side is still in a weak position. The short side continues to move downward, the MACD index is in a weak position under the 0 axis, and the RSI index is in a narrow range under the 50 equilibrium line;

Long and short turning point: 93.277

Pressing position: 94.333, 95.388

Support position: 91.913, 90.955

Trading strategy: bearish below 93.277, target 91.913, 90.955

Alternative strategy: bullish above 93.277, target 94.333, 95.388

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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