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European buyers avoid Rosneft while seeking Middle East oil
2022-06-07
1003
Fundamental analysis:
The oil distribution remained volatile around 118.959. Due to the sanctions of the United States and Europe, Russian crude oil exports decreased, resulting in a shortage of global crude oil supply. In addition, several Asian countries are relaxing epidemic control measures, and the demand for oil rebounds. While avoiding Russian oil, European buyers are also seeking to obtain more oil from the Middle East, which intensifies the competition between Asia and Europe.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical comments: the upper rail section of the Bollinger belt index channel continued to fluctuate and rise, the Bollinger belt index showed a good opening trend, the MACD index was at the high level of the bull region and maintained the consolidation and translation, and the RSI index was at the high level of the bull region and maintained the consolidation and wandering;
Multi empty turning point: 119.719
Pressing position: 121.529, 122, 963
Support position: 118.501, 117.322
Trading strategy: bullish above 119.719, target 121.529, 122, 963
Alternative strategy: bearish below 119.719, target 118.501, 117.322
The above analysis is a personal point of view 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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