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The sword of tax policy hangs high, and U.S. crude oil falls rapidly
2022-06-15
67462
A brief analysis of the fundamentals:
Bharat Ramamurti, deputy director of the White House National Economic Council, said President Biden has not ruled out taxing excess profits on oil companies. Democratic Senator Ron Wyden is planning to propose a surcharge, which would mean companies face federal taxes of up to 42 percent based on their profit margins, according to people familiar with the matter.
US crude oil 4-hour chart
A brief technical analysis:From the 4-hour chart, oil prices are running near the moving average, and the probability of continuous consolidation in the short-term is high. The MACD kinetic energy column is gradually shortened, the RSI indicator is neutral and weak, and the probability of continuing to weaken within the day is high.
Long-short turning point: 117.00
Resistance: 120.00 123.00
Support: 113.50 110.00
Trading Strategy: Bullish above 117.00, target 120.00 123.00
Alternative strategy: Bearish below 117.00, target 113.50 110.00
The above analysis is a personal opinion and is for reference only.
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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