Oil supply and demand are still tight, Europe and the United States help themselves to fill the gap

Fundamental analysis:

The oil distribution remained fluctuating around 120.717. The European Commission announced the sixth round of sanctions against Russia, in which the oil embargo measures will lead to a 90% reduction in the oil imports from Russia by the end of 2022. At the same time, the United States is also facing the pressure of fuel supply, and the oil price once soared to an all-time high. At present, Europe and the United States have to carry out self-help actions and step up their steps to find alternative sources of Russian oil.

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

Technical comments: the upper rail section of the Bollinger belt index channel continued to fluctuate and rise. The high level reached the node near 121.369 and began to sort out. The short-term bull power still showed signs of upward movement. The Bollinger belt index continued to close. The MACD index was in the high level of the bull region and maintained the consolidation and translation, and the RSI index was in the narrow range of the bull region;

Multi empty turning point: 119.719

Pressing position: 121.529, 122.963

Support position: 118.501, 117.322

Trading strategy: bullish above 119.719, target 121.529, 122.963

Alternative strategy: bearish below 119.719, target 118.501, 117.322

The above analysis is a personal point of view and is for reference only.