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UKOil: Shock down

Fundamental analysis:

Brent oil remained volatile around 82.792, and Brent crude oil was in the middle of the trading range of $78 to $88 a barrel since the end of December. Some investors took profits on fears of further U.S. rate hikes, while others remained bullish in anticipation of a recovery in Chinese demand.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum fluctuates downward within a narrow range, the market’s short-term sentiment emerges, and the short-term decline has not stopped. The MACD indicator is in the short-term area and maintains consolidation, and the RSI indicator is hovering weakly below the 50 balance line;

Long-short turning point: 82.980

Suppression: 83.419, 83.888
Support: 82.336, 81.897

Trading strategy: bearish below 82.980, target 82.336, 81.897
Alternative strategy: call above 82.980, target 83.419, 83.888

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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