UKOil: Weak shock
Brent oil remained volatile around 79.349. Investors remained cautious amid mixed economic signals. Brent crude has been tracking the broader market in recent sessions, with a slew of economic data adding more uncertainty to the outlook.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the short position in the market continued to fluctuate and then fluctuated at a low level within a narrow range. Although the short-term bullish sentiment showed signs of entering the market, it was still in a low level and maintained a volatile trend. The lower side hovers weakly;
Resistance levels: 80.521 81.183
Support levels: 78.702 78.120
Trading strategy: bearish below 79.878, target 78.702 78.120
Alternative strategy: call above 79.878, target 80.521 81.183
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