Opec+ long overdue production increase Brent crude oil v-turn

Basic analysis:

The "OPEC +" production reduction Alliance said in a statement that the production adjustment originally planned for September would be advanced to July and August, and the scale of crude oil production increase would be increased from the current 432000 barrels per day to 647000 barrels per day, an increase of nearly 50%. At the same time, it planned to hold a monthly meeting on production reduction in advance at the end of June to assess the trend of the international oil market at any time.

Ukoil 4-hour chart of UK crude oil

Technical analysis: according to the 4-hour chart, the oil price is consolidated at a high level, rapidly rising after short-term weakness, the kinetic energy of MACD energy column is insufficient, the RSI index is consolidated and strengthened, and there is a high probability of continued strength within the day.

Multi empty turning point: 115.00

Resistance level: 118.00 one hundred and twenty-two

Support position: 111.00 one hundred and seven

Trading strategy: bullish above 115.00, target 118.00 one hundred and twenty-two

Alternative strategy: bearish below 115.00, target 111.00 one hundred and seven

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