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Oil distribution: long shock moves up
2022-07-21
1202
Fundamental analysis:
The oil distribution remained volatile around 106.650. The EIA reported that the US strategic oil reserve (SPR) inventory decreased by 4.998 million barrels to 480.1 million barrels last week, a decrease of 1.03%; The import of commercial crude oil excluding strategic reserves was 6.519 million barrels per day last week, a decrease of 156000 barrels per day compared with the previous week.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the long power maintains a good momentum of shock and upward movement, the short-term high level maintains consolidation and translation, and the long pull-up trend may continue. The MACD index hovers on the upper side of the 0 axis, and the RSI index is at 50 equilibrium, and the online side is in narrow consolidation;
Long short turning point: 106.379
Pressing position: 108.631, 110.081
Support position: 104.739, 103.035
Trading strategy: bullish above 106.379, target 108.631, 110.081
Alternative strategy: bearish below 106.379, target 104.739, 103.035
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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