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UKOil: wide shock

Fundamental analysis:

Brent oil remained volatile around 76.021. The Group of Seven (G7) promised at its annual leaders' meeting to intensify efforts to crack down on Russia's evasion of its oil and fuel export price caps, while avoiding spillover effects and maintaining global energy supplies. G7 did not provide details.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: After a short-term wide range of shocks, the range moves up, the market’s bullish momentum continues in the short term, the MACD indicator is weakly finishing near the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;

Resistance levels: 76.471 76.922

Support levels: 75.268 74.774

Trading strategy: Bullish above 75.825, target 76.471 76.922
Alternative strategy: bearish below 75.825, target 75.268 74.774

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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