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UKOil: wide amplitude low level oscillation

2022-09-23
1108
Fundamental analysis:

The oil distribution remained volatile around 90.324, and investors expected that the continued interest rate increase by the Federal Reserve would increase the risk of economic recession. It also suggested that the borrowing cost would continue to rise this year, leading to the decline of oil prices.



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



Technical analysis:


The 4-hour chart shows that the short-term wide range shocks and shifts. Although the market is contested for power, the final direction has not been given yet. The MACD index hovers under the 0 axis, and the RSI index is narrow under the 50 equilibrium line;


Empty turning point: 83.066


Pressing position: 84.327, 85.219


Support position: 82.163, 81.535


Trading strategy: bullish above 83.066, target 84.327, 85.219


Alternative strategy: 83.066 bearish, 82.163 and 81.535 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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