The problem of global crude oil shortage remains unsolved

Fundamental analysis:

Crude oil remained volatile around 121.186. Opec+'s efforts to increase production were "not encouraging", and it was pointed out that the organization was currently 2.6 million barrels / day lower than its target. The US Energy Information Administration (EIA) said that the quota increase of OPEC and oil producing countries including Russia was lower than the loss of Russian crude oil caused by Western sanctions. The problem of global oil product shortage has not been solved.

Crude oil usoil - 4-hour K-line diagram display:

Technical comments: the bullish power continued to fluctuate and rise in the upper rail section of the Bollinger belt index channel, and the high level reached around 123.214. The short-term short power began to hover at a high level. The Bollinger belt index moved upward in an upward trend and began to close slowly. The MACD index maintained consolidation and translation in the bullish region, and the RSI index maintained consolidation and slow decline in the bullish region;

Multi empty turning point: 121.562

Pressing position: 123.184, 124.816

Support position: 119.618, 118.112

Trading strategy: down 121.562, target 119.618, 118.112

Alternative strategy: bullish above 121.562, target 123.184, 124.816

The above analysis is a personal point of view and is for reference only.