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UKOil: Wide range vibration downward

Fundamental analysis:

The oil distribution remained volatile around 90.844. The European natural gas price eased in recent weeks, but it was still more than seven times higher than the average price in previous years, which also accelerated inflation and put the economy on the verge of recession. It is expected that the demand for natural gas will gradually increase before the heating season starts on October 1.

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

Technical analysis:

The 4-hour chart shows that the low position fluctuates downward in a wide range, and the weak position has not changed in the short term. The MACD index hovers under the axis 0, and the RSI index is arranged in a narrow range under the 50 equilibrium line;

Empty turning point: 91.177

Pressing position: 91.945, 92.768

Support position: 90.024, 89.293

Trading strategy: 91.177 lower bearish, with 90.024 and 89.293 targets

Alternative strategy: bullish above 91.177, with targets of 91.945 and 92.768

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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