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PetroChina: rapid decline
2022-07-06
1151
Fundamental analysis:
Crude oil fell sharply to around 100.631, with domestic oil prices soaring due to sanctions against Russia, European and American countries have recently pressed OPEC to increase production. Shortly after US President Biden's words fell last week, British Prime Minister Boris Johnson also urged Saudi Arabia to increase oil production this week in an attempt to cool the record fuel price.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
Looking at the 4-hour chart: the short-term momentum continued to fall, fell below the brin zone index and reorganized in the short term after falling below the node near the off track. The brin zone index passed to you, and the opening trend continued. The MACD index was at the weak downward side of the 0 axis, and the RSI index was at the low end of the short-term area;
Long short turning point: 101.359
Pressing position: 103.064, 104.989
Support position: 98.775, 97.180
Trading strategy: bearish below 101.359, target 98.775, 97.180
Alternative strategy: bullish above 101.359, target 103.064, 104.989
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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