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Brent crude continues to tough as OPEC increases output
2022-06-03
1030
A brief analysis of the fundamentals:
JPMorgan analyst Natasha Kaneva believes that OPEC+’s decision to increase production quotas for July and August will not be enough to change the global oil balance. The increased production did not offset seasonal peaks and increased demand, saying risks to the bank's supply forecast were skewed to the downside.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart, oil prices rose rapidly, the short-term trend was still firm, the MACD volume energy column shortened, the RSI indicator rebounded again, and the probability of continuing high and wide-ranging within the day was high.
Long-short turning point: 115.00
Resistance: 118.00 122.00
Support: 111.00 107.00
Trading Strategy: Bullish above 115.00, target 118.00 122.00
Alternative strategy: Bearish below 115.00, target 111.00 107.00
The above analysis is a personal opinion and is for reference only.
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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