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UKOil: Strong decline

Fundamental analysis:

The oil distribution remained volatile near 92.513. OPEC lowered its oil demand expectation and began to limit production. OPEC lowered its forecast of world oil demand growth in 2022 to 2.55 million barrels per day. Saudi Arabia told OPEC that it would cut its output by 84000 barrels per day to 10.957 million barrels per day in October.

Oil distribution UKOil – 4-hour K line diagram shows:

Technical analysis:

The 4-hour chart shows that the short sellers' momentum has fallen sharply and strongly, and the short-term decline may continue. The overall short sellers' situation in the market is good, and there is a further downward trend. The MACD indicators are in a weak position at the bottom of the 0 axis;

Empty turning point: 92.839

Pressing: 93.462, 94.054

Support: 91.944, 91.367

Trading strategy: bearish at 92.839, with targets of 91.944 and 91.367

Alternative strategy: 92.839 upper bullish, 93.462 and 94.054 targets

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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