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U.S. crude oil remains strong
2022-06-13
67329
A brief analysis of the fundamentals:
U.S. oil rose above the $120 mark, as the market believes that OPEC's plan to increase production will not immediately improve global supply constraints, and as the anti-epidemic blockade measures are eased, crude oil market demand will be more tense.
US crude oil USOIL 4-hour chart
A brief technical analysis:From the 4-hour chart, the oil price is running near the moving average, and the probability of continued consolidation in the short-term is high. The MACD kinetic energy column is gradually shortened, and the RSI indicator continues to be 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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