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US oil: bears continue to decline
2022-07-07
1183
Fundamental analysis:
Crude oil remained weak and fell to around 98.092. Japan proposed to limit the Russian oil price to about half of the current level. In response, former Russian President Dmitry Medvedev warned that this move would lead to a sharp reduction in oil supply in the market and push the price up to $300 or even more than $400 a barrel.
Crude oil usoil - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the bearish power continues to fluctuate and decline in the off track interval of the brin belt index channel, and the brin belt index is in an open trend. MACD index is in the bearish area, maintaining a weak downward consolidation, and RSI index is in the weak hovering of the bearish area;
Long short turning point: 98.942
Pressing position: 100.915, 103.064
Support position: 96.253, 94.400
Trading strategy: bearish below 98.942, target 96.253, 94.400
Alternative strategy: bullish above 98.942, target 100.915, 103.064
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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