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Oil distribution: bulls continue to pull up
2022-07-20
1191
Fundamental analysis:
The oil distribution remained volatile around 107.099, and Brent crude oil hit the highest closing level since July 4. Early API data showed that crude oil inventories increased by about 1.9 million barrels as of the week of July 15.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the momentum of low-level bulls maintained a good momentum of shock and rise, and the short-term reversal trend may continue. The MACD index remained in the long region and the RSI index remained weak in the long region;
Long short turning point: 106.379
Pressing position: 108.631, 110.081
Support position: 104.739, 103.033
Trading strategy: bullish above 106.379, target 108.631, 110.081
Alternative strategy: bearish below 106.379, target 104.739, 103.033
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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