Brent crude has a chance to challenge $130

Fundamental analysis:

The oil distribution remained volatile around 122.879. At the beginning of this week, the international oil price fluctuated around 120 US dollars and was poised. Although the accumulated commercial inventory of 2.025 million barrels exceeded the expectation, the market reacted sensitively and quickly identified that behind the appearance that the overall oil inventory had rebounded, the supply tension had not been effectively eased, and the oil price also rose by more than 3 US dollars after the report. Judging from the running rhythm of oil price, Brent has the opportunity to challenge us $130.

Oil distribution ukoil - 4-hour K-line diagram display:

Technical comments: the upper rail section of the Bollinger belt index channel continued to move up, and the high level reached the node near 124.321 for consolidation. The short-term short power showed signs of waiting for the opportunity to enter, but the market was still at a high level. The Bollinger belt index showed an upward trend and began to close after moving up. The MACD index maintained consolidation and translation in the bull region, and the RSI index remained weak in the bull region;

Multi empty turning point: 123.062

Pressing position: 124.442, 124.490

Support position: 121.623, 120.409

Trading strategy: down 123.062, target 121.623, 120.409

Alternative strategy: bullish above 123.062, target 124.442, 124.490

The above analysis is a personal point of view and is for reference only.