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UKOil: Move up high
2023-04-13
993
Fundamental analysis:
Brent oil remained volatile around 87.223, and fund managers increased their net long bets on Brent crude oil to some after OPEC+ major oil producers unexpectedly announced that they would further cut production by 1.66 million barrels per day between May and December The second largest amount ever recorded.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continues to move up after finishing at a high level, the short-term bullish sentiment remains, the bulls in the market continue to climb, the MACD indicator is in the bullish zone and the RSI indicator is hovering in the bullish zone;
Resistance: 88.172 88.900
Support levels: 85.961 85.077
Trading strategy: Bullish above 86.818, target 88.172 88.900
Alternative strategy: bearish below 86.818, target 85.961 85.077
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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