US oil: short low shock

Crude oil remained volatile around 103.967. Opec+ composed of the organization of Petroleum Exporting Countries (OPEC) and oil producing allies including Russia may adhere to the plan to accelerate production in August, hoping to ease the soaring oil price and inflationary pressure when US President Biden plans to visit Saudi Arabia and the Middle East.

According to the 4-hour chart, the bearish power continued to fluctuate downward in the off track section of the brin zone index channel, and the short-term reverse oscillation occurred after the low level broke the nodes near the off track. The bearish downward trend was good. After the brin zone index moved downward, the low level began to show signs of opening up. The MACD index was in the low position of the short area and maintained the consolidation and translation, and the RSI index was in the low position of the short area and maintained the oscillation and wandering;

Multi empty turning point: 104.713

Pressing position: 106.016, 107.201

Support position: 102.777, 101.474

Trading strategy: bearish below 104.713, target 102.777, 101.474

Alternative strategy: bullish above 104.713, target 106.016, 107.201