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Oil soars again as driving season demand boosts confidence
2022-05-27
873
A brief analysis of the fundamentals:
On Thursday (May 26), the European Union was still brewing a ban on the import of Russian crude oil, which led to renewed tension in the global supply and demand situation, and the United States was about to usher in the summer driving season. . Due to the rebound in demand and the interruption of Russian supply, the global crude oil market continues to tighten, and it is difficult to effectively change the strong pattern of refined oil products, and there is a high probability that oil prices will continue to be strong.
UK crude oil UKOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart, oil prices are rising on the basis of the moving average system, and the short-term trend is strong, the MACD red column increases, and the RSI indicator is flat.
Long-short turning point: 113.50
Resistance: 117.00 120.00
Support: 110.00 107.00
Trading Strategy: Bullish above 113.50, target 117.00 120.00
Alternative strategy: Bearish below 113.50, target 110.00 107.00
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