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US crude oil remains strong as the epidemic eases and demand picks up
2022-06-06
885
Basic analysis:
US oil rose to $120. The market believed that OPEC's production increase plan would not immediately improve the global supply tension, and with the relaxation of anti epidemic blockade measures, the demand for crude oil in the market would be more tense.
US crude usoil 4-hour chart
Technical analysis:
According to the 4-hour chart, the oil price once again rose above the average, the short-term strong upward movement continued, the MACD kinetic energy column gradually extended, the RSI index recovered, and the probability of continued upward movement within the day was high.
Multi empty turning point: 117.00
Resistance level: 120.00 123.00
Support position: 113.50 110.00
Trading strategy: bullish above 117.00, target 120.00 one hundred and twenty-three
Alternative strategy: bearish below 117.00, target 113.50 110.00
The above analysis is a personal point of view 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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