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UKOil: Lows climb

Fundamental analysis:

Brent oil remained volatile around 82.575, and the market worried that the Fed's sharp interest rate hike may slow down economic growth and hit fuel demand. The U.S. has privately urged some commodity traders to allay concerns about price-capped Russian oil for shipping, suggesting more Russian oil could be flowing into the market.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of low-level bulls is rising strongly, short-term bullish sentiment is emerging, the market bulls are constantly moving upwards, the MACD indicator is in the short-selling area, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 82.925 83.244

Support levels: 82.038 81.695

Trading strategy: Bullish above 82.381, target 82.925 83.244
Alternative strategy: bearish below 82.381, target 82.038 81.695

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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