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Opec+ discussion suspended Russia's participation in rapid decline of US crude oil
2022-06-01
812
Basic analysis:
Oil prices rose and fell on Tuesday after it was reported that some oil producing countries were discussing the idea of suspending Russia's participation in the opec+ oil production agreement. Opec+ is composed of the organization of Petroleum Exporting Countries (OPEC) and oil producing allies led by Russia.
US crude usoil 4-hour chart
Technical analysis:
According to the 4-hour chart, the oil price fell below the average, the short-term trend was weak, the MACD kinetic energy column was shortened, the RSI index was weak, and the probability of continued weakness within the day was high.
Multi empty turning point: 113.50
Resistance level: 117.00 one hundred and twenty
Support position: 110.00 one hundred and seven
Trading strategy: bullish above 113.50, target 117.00 one hundred and twenty
Alternative strategy: bearish under 113.50, target 110.00 one hundred and seven
The above analysis is a personal point of view and is for reference only.
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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