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UKOil: rapid downshift

2023-01-04
605
Fundamental analysis:
Brent oil remained volatile around 82.273, and the commodity with the most inflow of buying funds was Brent crude oil, which was as high as 3.4 billion US dollars. Russia has outlined its response to the European Union and the Group of Seven nations imposing price caps on Russia's crude oil exports to third parties. Russian President Vladimir Putin signed a decree banning the supply of crude oil and petroleum products to countries that abide by price caps for five months from February 1. His statute also included a provision allowing him to overrule the ban in exceptional circumstances.



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



Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, the short-term decline may continue, the MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 82.573
Suppression: 83.227, 83.831
Support: 81.641, 81.119
Trading strategy: bearish below 82.573, target 81.641, 81.119
Alternative strategy: call above 82.573, target 83.227, 83.831

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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