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UKOil: short-term bullish

Fundamental analysis:

Brent oil remained volatile around 84.496, and oil was also hit by the looming uncertainty in the overall global demand outlook. Inflation in Germany, Europe's largest economy, rose more than expected in February, and inflation in France and Spain, also major European economies, unexpectedly increased in February.

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

Brief technical analysis:

Looking at the 4-hour chart: the upward trend of bulls is still there, the market as a whole is in the process of bulls rising, the MACD indicator is in the bullish zone, and the RSI indicator is hovering in the bullish zone;

Long-short turning point: 84.276

Suppression: 84.896, 85.297
Support: 83.875, 83.510

Trading strategy: Bullish above 84.276, target 84.896, 85.297
Alternative strategy: bearish below 84.276, target 83.875, 83.510

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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