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Oil distribution: shock and rise
2022-07-05
1165
Fundamental analysis:
The oil distribution remained volatile around 113.124. Due to the shutdown of Libya and Nigeria, OPEC's crude oil production in June decreased compared with that in May. The 10 cartel producing countries bound by the opec+ agreement only increased their total production by 20000 barrels / day last month.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
Looking at the 4-hour chart: it has been in the Bollinger belt index channel for a long time, and the bull power is about to touch the nodes near the upper rail again. The Bollinger belt index is in the closing trend, and the MACD index is in the short area, maintaining the consolidation, moving up and hovering near the 0 axis, and the RSI index is in the 50 balance online side consolidation;
Long short turning point: 113.124
Pressing position: 114.987, 116.203
Support position: 111.946, 110.805
Trading strategy: bullish above 113.124, target 114.987, 116.203
Alternative strategy: bearish below 113.124, target 111.946, 110.805
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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