Oil prices are not afraid of the United States dumping reserves, the game of long and short is intractable

A brief analysis of the fundamentals:

On Tuesday (May 24), the Biden administration further implemented the promised plan to release 1.8 trillion barrels of oil storage, but the tight supply of oil prices itself is still a strong reality. U.S. WTI crude oil continued its sideways pattern and closed at $110.43 per barrel. In general, the high and volatile situation of oil prices is still difficult to shake, but the short-term correction of oil prices may increase, the market has more disorderly fluctuations, and the unilateral market still needs to be further gamed.

US crude oil USOIL 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, oil prices fell slightly after touching the 111 resistance, with obvious signs of sideways, the moving average system was flat, the MACD red column was shortened, the RSI indicator was flat, and the probability of a small upward move within the day was high.

Long-short turning point: 107.00

Resistance: 111.00 115.00

Support: 103.50 100.00

Trading Strategy: Bullish above 107.00, target 111.00 115.00

Alternative strategy: Bearish below 107.00, target 103.50 100.00