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Oil distribution: strong downward
2022-07-07
1192
Fundamental analysis:
Oil distribution remained weak and fell to around 99.987. Many institutions lowered their global oil consumption expectations this year. EIA, IEA and OPEC believed that the growth rates of global oil consumption in 2022 were 2.28 million barrels per day, 3.37 million barrels per day and 1.8 million barrels per day respectively, significantly lower than the forecast at the beginning of the year.
Oil distribution ukoil - 4-hour K-line diagram display:
Technical analysis:
According to the 4-hour chart, the short-term momentum continued to fluctuate and fall near the brin zone index off the track, and the short-term decline did not stop. The brin zone index continued to open its mouth, the MACD index continued to fluctuate and fall in the short area, and the RSI index remained low in the short area to maintain consolidation and translation;
Long short turning point: 100.906
Pressing position: 102.579, 104.140
Support position: 98.063, 96.450
Trading strategy: bearish below 100.906, target 98.063, 96.450
Alternative strategy: bullish above 100.906, target 102.579, 104.140
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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