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The long and short game is fierce, and the oil price is on a "roller coaster" market
2022-05-20
942
A brief analysis of the fundamentals:
On Thursday (May 19), the market was worried that the U.S. economy would fall into recession and liquidity tightened expectations, macro risks once again swallowed up various risk assets, and U.S. WTI crude oil rebounded sharply after a slump and closed at $109.12 per barrel. The EIA inventory data released this week shows that crude oil and gasoline inventories have been depleted significantly, and the supply and demand pattern is still tight. The low inventory level for many years is still the biggest confidence for the oil market bulls.
US crude oil USOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart, oil prices rebounded strongly after stepping back on the 21-period moving average, and the overall performance recovered. The moving average system was flat, the MACD red column was shortened, the RSI indicator was flat, and the probability of intraday sideways trading was high.
Long-short turning point: 107.00
Resistance: 111.00 115.00
Support: 103.50 100.00
Trading Strategy: Bullish above 107.00, target 111.00 115.00
Alternative strategy: Bearish below 107.00, target 103.50 100.00
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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