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UKOil: within a narrow range

Fundamental analysis:
Brent oil remained volatile around 79.744, and crude oil futures tumbled at the start of the new year as traders reassessed the impact of cold weather on energy demand. Coupled with lingering concerns about a recession in the broader global market, this uncertainty may cause oil prices to Ups and downs in a short period of time.

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

Brief technical analysis:
4-hour chart: low-level bulls moved up within a narrow range and then moved down after encountering resistance. The short-term bullish sentiment remains. Although the market’s bulls have weakened, low-level buying has emerged. Weak wandering;
Long-short turning point: 79.354
Suppression: 80.198, 80.813
Support: 78.686, 77.942
Trading strategy: Bullish above 79.354, target 80.198, 80.813
Alternative strategy: bearish below 79.354, target 78.686, 77.942

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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