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UKOil: Bulls soar
2023-03-06
874
Fundamental analysis:
Brent oil remained volatile around 85.941. As Saudi Arabia is trying to monetize the expansion of production capacity, the major oil producer has been considering for years what kind of alliance is best for its long-term interests.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls has soared strongly, the market is bullish, the bulls in the market are constantly pulling up, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and slowly rising;
Resistance levels: 86.286 86.676
Support: 85.455 85.098
Trading strategy: Bullish above 85.790, target 86.286 86.676
Alternative strategy: bearish below 85.790, target 85.455 85.098
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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