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Opec+ long overdue production increase Brent crude oil v-turn
2022-06-14
872
Basic analysis:
The EU initiated more extensive sanctions against Russia, resulting in an accelerated reduction in the supply of crude oil in the market, further boosting the volatility and strength of international oil prices. On June 7, Brent crude oil has returned to $120 / barrel, and the U.S. WTI price is also close to $120 / barrel. Wall Street investment banks even generally believe that WTI prices may return to a high of $130 / barrel.
US crude usoil 4-hour chart
Technical analysis:
According to the 4-hour chart, the oil price is running near the average, the probability of continued consolidation in the short term is high, the MACD kinetic energy column is gradually shortened, the RSI index is neutral, and the probability of continued consolidation in the day is high.
Multi empty turning point: 117.00
Resistance level: 120.00 123.00
Support position: 113.50 110.00
Trading strategy: bullish above 117.00, target 120.00 one hundred and twenty-three
Alternative strategy: bearish below 117.00, target 113.50 110.00
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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