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UKOil: Weak shock
2023-01-11
994
Fundamental analysis:
Brent oil remained volatile around 79.337. Norway's oil production is expected to increase by 6.9% this year as the giant oil field Johan Sverdrup ramps up production - production of other petroleum liquids such as crude oil and condensate may increase to 2.02 million barrels from last year's 1.89 million barrels /day, while natural gas production is expected to remain unchanged near record highs.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low position is fluctuating within a narrow range, and the market’s bear sentiment is beginning to show signs of waiting for an opportunity to enter the market. The MACD indicator is at the lower side of the 0 axis and moves upward slowly, and the RSI indicator is hovering weakly near the 50 balance line;
Long-short turning point: 79.565
Suppression: 80.198, 80.813
Support: 78.686, 77.942
Trading strategy: bearish below 79.565, target 78.686, 77.942
Alternative strategy: call above 79.565, target 80.198, 80.813
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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