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Oil distribution: long shock pull up

2022-06-29

1251

UKOil

Fundamental analysis:

Oil distribution remained volatile around 113.731, and oil distribution futures rose 2.5% to settle at US $117.58 per barrel. The threat of global production added fuel to the spot market. At the same time, the group of seven agreed to study setting a price ceiling for Russian oil, and oil prices rose again.

Oil distribution ukoil - 4-hour K-line diagram display:

Technical analysis:

According to the 4-hour chart, the upper rail section of the Bollinger belt index channel continues to move up and vibrate, the short-term bull pull-up trend shows no sign of stopping, the Bollinger belt index shows an upward trend, the MACD index is in a weak position near the 0 axis, and the RSI index is in a narrow range above the 50 balance line;

Multi empty turning point: 112.956

Pressing position: 114.994, 116.001

Support position: 111.693, 110.199

Trading strategy: bullish above 112.956, target 114.994, 116.001

Alternative strategy: bearish below 112.956, target 111.693, 110.199

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Oil distribution: long shock pull up

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