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Long and short factors are intertwined, oil prices continue to fluctuate at high levels
2022-05-26
885
A brief analysis of the fundamentals:
On Tuesday (May 24), the Biden administration further implemented the promised plan to release 1.8 trillion barrels of oil storage, but the tight supply of oil prices itself is still a strong reality. Brent crude oil continued its sideways pattern and closed at $113.24 per barrel. In general, the high and volatile situation of oil prices is still difficult to shake, but the short-term correction of oil prices may increase, the market has more disorderly fluctuations, and the unilateral market still needs to be further gamed.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart, oil prices rebounded again after stepping back on the 21-week moving average, and the overall performance picked up. The moving average system was flat, the MACD red column was shortened, and the RSI indicator was flat.
Long-short turning point: 113.50
Resistance: 117.00 120.00
Support: 110.00 107.00
Trading Strategy: Bullish above 113.50, target 117.00 120.00
Alternative strategy: Bearish below 113.50, target 110.00 107.00
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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