Long and short factors are intertwined, and oil prices are rising strongly

A brief analysis of the fundamentals:

Last week, news of market disturbance continued, but benefited from the less-than-expected increase in production by OPEC+ oil-producing countries in April, and the further deepening of the conflict between Russia and Ukraine, the U.S. WTI crude oil continued its upward trend and closed at $110.49 per barrel. At present, both the macro and the fundamentals of the oil market have intensified the game between long and short. The tightening liquidity pressure from interest rate hikes is a medium and long-term factor, and the fact that oil-producing countries do not increase production as much as expected is a short-term reality. It is expected that oil prices will remain within the range in the future. Oscillating trend

US crude oil USOIL 4-hour chart

A brief technical analysis:

From the 4-hour chart, oil prices continued to rise after stepping back on the 55-period moving average. The overall performance recovered, the moving average system was flat, the MACD red column was shortened, the RSI indicator was flat, and the probability of intraday fluctuations was high.

Long-short turning point: 107.00

Resistance: 111.00 115.00

Support: 103.50 100.00

Trading Strategy: Bullish above 107.00, target 111.00 115.00

Alternative strategy: Bearish below 107.00, target 103.50 100.00