UKOil: Move up high
Brent oil remained volatile around 90.641, and Brent crude oil prices were close to US$90 per barrel, exacerbating concerns about slowing economic growth and continued inflation after the largest OPEC+ oil producer extended the production reduction agreement until the end of the year.
UKOil - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: The bullish momentum fluctuates at a high level and moves upward. The short-term bullish momentum continues to rise. The market is bullish. The MACD indicator is in the bullish zone and is consolidating at a high level. The RSI indicator is in the bullish zone and is consolidating.
Resistance level: 91.037 91.495
Support level: 89.848 89.373
Trading strategy: Bullish above 90.324, target 91.037 91.495
Alternative strategy: bearish below 90.324, target 89.848 89.373
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