US oil: low shock pull up

Crude oil remained volatile around 102.091. The EIA crude oil inventory in the United States for the week to July 1 was 8.235 million barrels, expected to be -1.043 million barrels, and the previous value was -2.762 million barrels. The commercial crude oil inventory of the United States excluding strategic reserves in the week to July 1 was the highest since the week of May 6, 2022.

According to the 4-hour chart: the short power continues, the Bollinger belt index continues to fluctuate and decline near the off track, and the low position begins to reverse and move up after being supported for a short time. The nodes near the middle track of the Bollinger belt index begin to vibrate, and the Bollinger belt index is in the closing trend. The MACD index is in the low position fluctuation and upward movement of the short area, and the RSI index is in the short area to maintain the oscillation and upward movement to hover near the 50 equilibrium line;

Long short turning point: 101.393

Pressing position: 104.261, 106.114

Support position: 99.60, 97.86

Trading strategy: bullish above 101.393, target 104.261, 106.114

Alternative strategy: bearish below 101.393, target 99.60, 97.86