The situation in Russia and Ukraine is further intensified, and Brent crude oil sword points to "breaking 100"

A brief analysis of the fundamentals:

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On Tuesday (February 22), the tension between Russia and Ukraine continued to rise. After Putin announced the recognition of the independence of the Donetsk People's Republic and the Luhansk People's Republic and ordered the deployment of troops, the situation in Russia and Ukraine was further intensified. The threat of supply pushed Brent crude up, closing at $96.51 a barrel. Oil price fluctuations have deviated from the normal influence logic, and geopolitical conflicts have developed into the most important factor affecting prices, focusing on the further progress of the situation in Russia and Ukraine.

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UK crude oil UKOIL 4-hour chart

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A brief technical analysis:

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Looking at the 4-hour chart, oil prices fell back after breaking through the $96 line, and the upward trend was suspended, but the moving average system support was still effective, the MACD red column increased, the RSI indicator was flat, and the probability of intraday fluctuations was high.

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Long-short turning point: 96.00

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Resistance: 100.00103.00

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Support level: 93.0090.50

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Trading strategy: bullish above 96.00, target 100.00103.00

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Alternative strategy: bearish below 96.00, target 93.0090.50