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The energy crisis escalates again, and the upward momentum of oil prices is strong
2022-05-30
762
A brief analysis of the fundamentals:
Last Friday (May 27), Iran suddenly announced the seizure of Greek oil tankers, and the global energy crisis further fermented. US WTI crude oil rose sharply and closed at $115.06 per barrel. With the arrival of summer in the northern hemisphere, demand is gradually entering the peak season, and the continued rise in the price of refined oil has pushed the U.S. export inventory to Europe and South America to tighten.
US crude oil USOIL 4-hour chart
A brief technical analysis:
Looking at the 4-hour chart, oil prices are rising on the basis of the moving average system, and the short-term trend is strong, the MACD red column increases, and the RSI indicator is flat, and the probability of continued upward movement is high.
Long-short turning point: 115.00
Resistance: 118.00 122.00
Support: 111.00 107.00
Trading Strategy: Bullish above 115.00, target 118.00 122.00
Alternative strategy: Bearish below 115.00, target 111.00 107.00
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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