PetroChina: the high level drops rapidly

Crude oil remained volatile around 109.484. The commercial crude oil import volume of the United States excluding the strategic reserve in the week to June 24 was the lowest since the week of April 22, 2022. The EIA strategic oil reserve inventory in the week of June 24 was the lowest since the week of April 18, 1986.

According to the 4-hour chart, the middle and upper rail section of the Bollinger belt index channel continued to fluctuate and rise. After the high level touched the nodes near the upper rail, it retreated due to resistance. After touching the middle rail, it continued to vibrate. The short power showed signs of continuing to retreat. The Bollinger belt index continued to close. The MACD index maintained consolidation and retreat in the long area, and the RSI index remained hovering near the 50 equilibrium line in the long area;

Multi empty turning point: 109.966

Pressing position: 111.625, 113.166

Support position: 107.952, 106.688

Trading strategy: bearish below 109.966, target 107.952, 106.688

Alternative strategy: bullish above 109.966, target 111.625, 113.166