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UKOIL: Wait for rebound to stop

Basic analysis:

The government of Namibia, an African country, said that it would consider joining OPEC if the oil recently discovered by Total and Shell was of great significance. Both companies found oil in the offshore of the country in February, and plan to start assessment projects in the next few months to determine the scale of oil resources. Total CEO said last month that this may be a great discovery. Maggy Shino, Namibia's oil commissioner, said that if these oil fields found are large enough to be commercially developed, joining OPEC "will be one of the options considered by Namibia"

UKOIL 4-Hour Chart

Technical analysis:

From the daily chart, we can see that the short-term price is rising rapidly, the short-term graphic structure is neutral and strong, the MACD capacity column is looming on the 0 axis, the RSI starts to rise slightly, the short-term oil price has further rebounded and the upward demand is still rolling short in the medium term.

Empty turning point: 99.00

Resistance level: 105.00 112.50

Support position: 92.00 85.00

Trading strategy: bearish under 99.00, target 92.00, 85.00

Alternative strategy: bullish above 99.00, target 105.00, 112.50

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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