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US oil: strong pull up

2022-06-28
1247
Fundamental analysis:

Crude oil remained volatile around 110.871, and political turmoil in Ecuador and Libya may further tighten supply. These factors highlighted the shortage of supply in the market, offset the recession worries that suppressed prices in the previous two weeks, and pushed the market to rebound this week.


Crude oil usoil - 4-hour K-line diagram display:



Technical analysis:


According to the 4-hour chart, the bull power continued the strong upward attack near the upper rail of the Bollinger belt index, the Bollinger belt index continued to open its mouth, the MACD index continued to move upward in the bull area above the 0 axis, and the RSI index slowly rose above the 50 equilibrium line;


Multi empty turning point: 108.426


Pressing position: 112.731, 114.075


Support position: 108.426, 107.122


Trading strategy: bullish above 108.426, target 112.731, 114.075


Alternative strategy: bearish below 108.426, target 108.426, 107.122

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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